Naira plunges further at parallel market

The naira exchanged to the dollar for 483 in the parallel market on Monday.

This was despite the regular interventions in terms of forex injections by the Central Bank of Nigeria.

Bureau de Change operators have blamed the depreciation of the naira on the activities of speculators.

The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said speculators would lose money as CBN had enough reserves to fund the market and defend the naira.

He noted that the naira had, in the last few days, depreciated in the parallel market, but had remained stable at N379 to the dollar at the official CBN rate.

According to Gwadabe, with nearly $36bn foreign reserves, the CBN has what it takes to punish the enemies of the economy forcing the naira to depreciate through speculative activities.

– Punch