Naira dropped to N902 per dollar and may reach N1,000 by the end of the month - BDCs

 By: News Peddlers 

Dollar and Naira 

The naira's slide has continued, with the currency falling to N902 per dollar on the black market.

According to data from multiple Bureau de Change traders on Tuesday, the currency was priced between N900 and N902.

THE WHISTLER reported that the purchase price ranged from N898 to N900 depending on the operator.

The naira fell by N30 in the first eight days of the month, closing at N870 against the dollar.

The reduction was attributed by BDC owners to a dollar scarcity in the market.

"With the way the dollar is scarce, the naira may trade close to N1,000 by the end of this month (August),” Dare, a BDC dealer in Abuja said.

At the Investors’ and Exporters’ Window, the naira sold as high as N799 before closing at N774.78.

“Demand for the dollar is very high and some of us are not able to meet up,” he added.

The Central Bank of Nigeria introduced a managed float on June 14, 2023 and since then it has been on a free fall.

The Economist Intelligence Unit (EIU) said the Central Bank of Nigeria is inexperienced in managing a floated naira.

President Bola Tinubu during his August 1 address to the nation, disclosed that his government may intervene by defending the currency “if need be”.

He said, “Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

“We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.”