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Nigerian currency, Naira has dropped eight points to trade at a new record low of 436 against the United States dollar in black market, on Thursday night, September 22 to Friday morning, September 23.
This comes against the N428/$1 rate it was on Wednesday, September 21.
The Naira has continued to weaken after a data released by the National Bureau of Statistics showed that the economy was in recession. Also, the persistent dollar shortages on the official market is making life hard for Bureau de change operators.
But according to the Association of Bureau De Change Operators of Nigeria, the naira would recover by Monday, September 26 due to the introduction of Travelex, a licensed forex dealer.
Travelex, an international money transfer organisation, was officially directed by the CBN to distribute forex to the BDC operators by Monday.
Alhaji Aminu Gwadabe, president of ABCON, was quoted by the News Agency of Nigeria to have said in Lagos that a licensed forex dealer would enhance transparency in the distribution network.
He said that forex distribution would be efficient and uniform across ABCON members, unlike what was obtainable in the past.
According to him, Travelex has the technology to sell forex to about 1,000 BDCs in a couple of hours, which is a major advantage.
At the interbank official market, the naira was quoted at 313.07 to the dollar on Thursday, down from 310.08 on Wednesday.
Meanwhile, you can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.
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