The naira declined further on the parallel market as it slipped to N445 to the dollar yesterday, lower than the N440 to the dollar it closed on Friday as pressure and activities of speculators continued to hurt the nation’s currency.
Mr Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria has however argued that the current rate of the naira on the parallel market was not a true reflection of the value of the currency. He also attributed the development to the activities of speculators.
According to him, the situation in the parallel market was being driven by speculators taking advantage of the poor implementation of the Central Bank of Nigeria (CBN) policy requiring banks to sell dollars to bureau de change (BDC) operators.
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