The Naira plummeted further on Tuesday as demand outweigh supply.
The local currency which traded at N445 to the US dollar on Monday slid to N452 at the parallel market on Tuesday.
While on the interbank market, the Naira depreciated to N312 against the dollar from the N308 it was traded on Monday.
Experts
have said the current rate is not a true reflection of the Naira value,
and attributed the
development to the activities of speculators.
Some
traders have expressed optimism that once Travelex finalize its
arrangement to sell directly to Bureau de Change Operators (BDCs), the
Naira will rebound.
While others have said the continuous ban of
the importers of 41 items contributed to the current situation as they
are also sourcing for the dollar to import for the normal end of year
sales.
The President of the Association of Bureau De Change
Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said it will take
Travelex few days to process biometric registration and funding of BDCs
accounts.
Harrison Owoh, a bureau de change operator expressed
his delight at the Travelex move by the central bank and called on other
bureau de change operators to key into the new Travelex arrangement by
registering on Travel biometrics.
A foreign exchange research
analyst at Investors King Ltd., Samed Olukoya said "Normally, the
announcement of Travelex arrival to the Bureau de Change segment would
have halted further decline of the Naira, but with the present situation
the central bank would have to do more."
Source: Nairaland
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