Since the federal government announced the liberation of the forex market, the Naira has continued to decline against the Dollar from N750/$ at the parallel market known as the black market.
Presently the dollar to naira exchange rate ranges from 925 to 940, as it was sold yesterday and confirmed to DailyNews24.
Speaking with our reporter on the lingering matter on Tuesday, the national chairman of the Association of Bureau de Change of Nigeria, Kano state branch, Sani Dada, described the high demand for the dollar and its scarcity as the main reason why the dollar prices keep fluctuating every day as Nigeria has limited sources where the dollar is flushed into the country.
“People are now looking at dollars against the time they would use them because they fear that the price is not stable as it is always subject to hikes.
“What people should understand is that the dollar is not only for people that travel abroad; it is for everyone because our businessmen that order goods from foreign countries use the dollar to buy their products.
“If the price of the dollar is high, the masses are to suffer because it will cause inflation, which is unfortunate, and we are not businessmen,” Dada emphasized.
Also, speaking on Monday, the president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said its members cannot be blamed for the ongoing crisis in the forex market.
He blamed the prevalence of unlicensed online platforms operating in different jurisdictions without standardized regulations for capturing diaspora remittances and denying the official market.
According to him, the recent happenings in the sector had further highlighted the need for the CBN to have its members pick up diaspora remittances to block loopholes and stymie the forex crisis.
“The revelation of the apex bank on diversion of diaspora remittances has vindicated our long-time advocacy to make BDCs pick up agents of diaspora remittances to block the loopholes that the CBN is bringing to the forefront.
“To make diaspora remittance inflows into the official market, the BDCs should be made the sole agents of diaspora remittances and break the monopoly of the agency of the international money transfer operators.
“What we have now is the prevalence of unlicensed online application platforms and fintech that operate in different jurisdictions without standardized regulation, capturing diaspora remittances, and denying the official market”, he stated.
In recent developments, the dollar crashed to between N805 and N790 at the parallel exchange market on Tuesday, according to a Daily Trust report.
Recall, DailyNews24 reports that the CBN announced plans to take critical decisions to reverse the slide of the naira in the next few days, thereby resulting in significant losses to the speculators.
The acting CBN governor, Folashodun Shonubi, dropped the hint on Monday while briefing State House reporters after a meeting with President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
