N365/N368 (updated 11.7.17:close)
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September 30, 2016

Benin people made niara plummet to N490+ per dollar, BDC agents say

Benin people made niara plummet to N490+ per dollar, BDC agents say

The Association of Bureau de Change Operators of Nigeria (ABCON) has blamed the plummeting of the naira at the parallel market on traders from neighbouring countries who stormed Nigeria to source dollars. The statement is coming shortly after the naira plummeted to an all-time low of 293 naira per dollar at black market.

ABCON president Aminu Gwadabe said on Friday:

“For the past few days, what we have been witnessing in the market is a kind of spike, a lot of volatility in exchange rate, and this has to do with fear.

“A lot of people are developing fear, and as a result of that, no naira is being kept. People are moving from naira to dollar.

“A very worrisome factor that we have been witnessing in the market is that the market has recently been bombarded by people from neighbouring countries to meet their demands.

“What I mean by neighbouring countries is that a lot of demand is coming from Benin Republic, from Chad. International demand is also accumulating; we see a lot of Chinese traders coming into the economy, mopping up any available dollar.”

 

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