Naira dips to N367 as dollar scarcity hits BDC

The value of the naira against the dollar is declining as bureaux de change (BDC) operators say the US currency is getting scarce in the parallel market.
This is despite several efforts made by the Central Bank of Nigeria (CBN) to stabilise the naira by providing forex to various sections of the market.
On Tuesday, the naira traded at N366 to a dollar and N367 in some parts of the country as against N365/N364 which it exchanged for on Monday.
It exchanged for N475 to the British pound as against the previous closing price of N472 and exchanged for N434 to the euro as against N433 on Monday.
On the international market, the naira traded at N359.43 to a dollar as against N353.99 which it traded at on Monday.
It traded at N476.78  to the British pound as against 467.08 on Monday and N425.24 to the euro as against N429.80 on Monday.
A BDC operator who spoke to TheCable said the dollar was getting scarce hence the reason for the increasing price.
When asked if the central bank had stopped providing dollars as announced, he said the bank had not given the allocation for the week.
At present, the apex bank provides forex to banks for basic travel allowance, school fees and health allowance needs of customers.
CBN has also provided different forex rates to be used at the investors’ window.

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