The slide continues for the Nigerian currency, Naira, as it fell further on Tuesday, exchanging at the parallel market between 1,005/$ and 1,025/$.
The naira has maintained a downward trend since the Central Bank of Nigeria allowed a free float of the national currency against the dollar and other global currencies in June.
A Bureau de Change operator in Lagos, Yusuf Kareem, who spoke to the Punch said, “We bought for N1,005/$ and sold for 1,025/$ on Tuesday. The money is still scarce. The value of the naira has been falling.”
Another BDC operator in Lagos, Musa Yunus, said, “The naira was traded at 980/$ two weeks ago, but today, it is 1,020/$. We don’t know what will happen tomorrow because it has not been coming down.”
Another BDC operator in Lagos, who simply identified himself as Idris, said, “I am not sure you can buy up to $1,000 from me now because it is not available. We buy at the rate of 1,000/$, but I sell at 1,015/$.”
Babangida, another BDC in Lagos, said, “I sell for N1,010 per $ and buy at the rate of N1,000.”
The Assistant Provost, Association of Bureau De Change Operators, Zone 4, Wuse, Abuja, Muhammed Nera, said the rate closed at 1,015/$ on Tuesday.
The slide of the naira makes it difficult for manufacturers to procure raw materials. The consequences may include lay-offs of staff and shut down of companies, among others.
