Nigerians Urged To Remain Calm As Naira Edges Closer To N500 Per Dollar

The Nigerian Naira on Monday, January 16, has stayed low at the parallel market as dollar scarcity continues.

The local currency may be seeing its worst times despite the Central Bank of Nigeria (CBN)’s plan to resume dollar sales to Bureau De Change (BDC) operators this week.

According to report, the Naira still exchanges at N497 to a dollar at the parallel market as it was on Friday, January 13, while the Pound Sterling and the Euro trades at N597 and 515 respectively.

At the BDC window, the Naira is sold at N399 to a dollar, while the Pound Sterling and the Euro is sold at N600 and N515, respectively.

Trading at the interbank market window saw the Naira exchange at N305.00 to a dollar.

However, Alhaji Aminu Gwadabe, the president Association of Bureau De Change Operators of Nigeria (ABCON), expressed hope that the Naira would strengthen this week.

Gwadabe said that the CBN would be selling about 25 million dollars to BDCs this week and it would definitely help in reducing liquidity challenge in the market.

He urged Nigerians not to panic as the CBN was working closely with the BDCs to ensure that the Naira recovers quickly

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