Nigeria’s currency, the Naira, has continued to fall in value after trading at 980/$ in the parallel market on Wednesday.
Ahmed Gazali, a Bureau De Change Operator in Zone 4 Abuja, confirmed this to Platinum Times on Thursday.
Gazali ascribed the growth to currency constraint.
“It is due to currency scarcity; the situation is volatile.” For example, on Monday, it was N920/$1, but on Wednesday, it was N980/$1. We have no idea what tomorrow will bring. “It could get better or worse,” he said.
However, the Naira appreciated marginally on the FMDQ at the official window, ending at 770.71/$ on Wednesday, up from 776.76/$ on Tuesday.
According to Platinum Times, the Central Bank of Nigeria implemented reforms to unify the FX market on June 14; yet, the situation has remained.