Naira slides further, exchanges for N950/$ at parallel market

The naira on Wednesday depreciated further to the dollar after closing at 950/$ at the parallel market.

Bureau de Change operators said the naira which had earlier closed at 930/$ at the close of operations on Tuesday, was bought and sold at 935/$ and 950/$ on Wednesday.

At the Investor & Exporter forex window, the naira closed at 758.12/$ on Wednesday, from 742.10 on Tuesday, according to figures obtained from the FMDQ, the official trading platform.

The Association of Bureaux De Change Operators of Nigeria, recently, urged the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to achieve exchange rate convergence.

In a statement, the President, ABCON Dr. Aminu Gwadabe, called on the apex bank to grant a no objection approval for the BDCs to fully go digital on all their operational correspondences.

He said the move would promote rate convergence, curb volatility in the market and promote economic growth.

ABCON had in the past, led its members to achieve rate convergence in 2006, 2009, 2018 to 2020 before the outbreak of COVID-19 in 2020, he said.