This is really a bad time for the nation’s currency. This is because the Naira appears helpless in the face of efforts by the CBN and stakeholders in the forex market in fast -tracking its recovery, the News Agency of Nigeria (NAN) reports. The Nigerian currency exchanged at N485 to a dollar at the parallel market on Wednesday in Lagos, while the Pound Sterling and the Euro traded at N600 and N510, respectively.
At the Bureau De Change (BDC) window, the Naira closed at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro exchanged at N606 and N512, respectively. Trading at the interbank market saw the Naira closed at N305.50 to a dollar.
Traders at the market said that the shortage of the green back was impacting negatively on the performance of the Naira. As the yuletide approaches, it is becoming clear that navigating the Naira to an upward trajectory involves concerted efforts by well meaning Nigerians. It is undisputable that the Nigerian currency is fighting many battles that require patriotism on the part of the business community to win. It will be recalled that Alhaji Aminu Gwadabe, President, Association of Bureau de Change Operators of Nigeria (ABCON) last week identified currency hoarding and speculation as monsters challenging the very existence of the Naira. Remittances from Nigerians living abroad, which is put at 21 billion dollars, which was hitherto assisting in the defence of the nation’s currency from total destruction, has now reduced drastically. The Naira stirs everyone in the face to salvage it from its attackers, Vanguard reports.