Naira Falls to 470 To One Dollar Amid Fresh Scarcity

November 25, 2016, 12:42 am

The naira fell to 470 naira  on Thursday, after exchanging for  465  naira on Wednesday, as fresh dollar scarcity hit the official and parallel foreign exchange markets.

The local currency had appreciated to around 450 after security agents carried out series of raids on Bureau De Change operators, who sold the greenback above the N400 stipulated by the Central Bank of Nigeria.

Security agents have been raiding the offices of the BDC operators, ordering them to sell dollar at a lower rate in a bid to break the fall of the local currency.

However, the naira started recording losses gradually again as scarcity of the greenback weighed on the forex markets.

“The clampdown on the black market operators by security agents has negatively impacted dollar supply to the market,” one Bureau de changer operator told Reuters.

Economic and currency experts have said getting security agents after the BDC operators cannot get the ailing naira to stabilise.

At the official market, the naira closed at 305 against the dollar, the level it has closed since August.

The naira is expected to depreciate slightly further in coming weeks at both the official and parallel markets on the back of gradual increase demand for forex by small businesses stocking for the Christmas and New Year sales.


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