By Oluwatosin Maliki
On Wednesday, the Naira depreciated further against the US Dollar, closing at N950/$ in the parallel market.
Bureau de Change operators, who provided insight to Quest Times, reported that the Naira, which had previously closed at N930/$ at the end of trading on Tuesday, was being bought and sold at rates between N935/$ and N950/$ on Wednesday.
At the Investor & Exporter forex window, the Naira concluded at N758.12/$ on Wednesday, compared to 742.10 on the previous day, based on data from the FMDQ, the official trading platform.
Yusuf Kareem, a Bureau de Change operator who spoke to Quest Times, remarked, “We began trading at N930/$ in the morning, and it eventually closed at 950/$ in the evening. The Naira has been scarce; we don’t know what is happening.”
Another BDC operator, Sanusi Ibrahim, mentioned that the Naira was being bought and sold at rates of N935/$ and N950/$ on the day and expressed uncertainty about the situation for the following day.
The Association of Bureaux De Change Operators of Nigeria (ABCON) has recently called on the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to achieve exchange rate convergence. ABCON President Dr. Aminu Gwadabe urged the apex bank to provide a no-objection approval for BDCs to fully transition to digital operations.
He argued that this move would support exchange rate convergence, reduce market volatility, and foster economic growth. Gwadabe pointed out that ABCON had previously led its members to achieve rate convergence in various instances.
Granting digital autonomy to BDC operators, according to Gwadabe, would lead to genuine market rate discovery, improve the implementation of the Federal Government’s harmonized foreign exchange rate policies, and enhance the monitoring of BDCs’ transactions for statutory and regulatory compliance.