*The Nigerian currency Naira continues to experience value depreciation amid rising inflation as the country’s legal tender Wednesday, September 20, exchanged to the US Dollar at N980/$ at the parallel market resulting in increasing costs of products and services in the economy

Isola Moses | 绿帽献妻

The Nigerian Naira has continued its value depreciation as the country’s national currency exchanged to the Dollar at N980/$ at the parallel market Wednesday, September 20, 2023.

绿帽献妻 learnt the Naira, a week earlier, had exchanged to the Dollar at 950/$.

Bureau de Change (BDC) operators, who spoke to The Punch, attributed the fall to scarcity of foreign currency.

Idris Musa, a BDC operator, was quoted to have said, 鈥淲e bought and sold the Naira today at 965/$ and 980/$. The dollar is not even available.鈥�

Yusuf Kareem, also BDC operator, said, 鈥淭he Dollar was sold for 980 today (Wednesday).

“We don鈥檛 know if it will continue to go up or if it can come down.鈥�

Whereas the FMDQ at the Investor & Exporter Forex window, the Naira appreciated slightly after closing at 770.71/$ Wednesday from 776.76/$ Tuesday, report said.

In relation to the persistent Forex crisis in the country in recent times, the Association of Bureaux De Change Operators of Nigeria (ABCON) urged the Central Bank of Nigeria (CBN) to grant Bureaux De Change operators digital autonomy to achieve exchange rate unification regime in Nigeria.

Dr. Aminu Gwadabe,聽 President of ABCON, in a statement, urged the CBN聽 to grant a “no-objection” approval for the BDCs to fully go digital on all their operational correspondence.

Gwadabe also noted that聽 foreign currencies by BDCs are derived from private and other sources, which may include the CBN window as determined by the banking sector regulator any time for the purpose of funding Business Travel Allowance (BTA), Personal Travel Allowance (PTA), School Fees Payment abroad, Medicals, mortgage, personal home remittances and subscription.

The President of ABCON disclosed the Association has training compliance officers to ensure they are acquainted with what is required of them, especially on monthly rendition of results and聽 tracking illicit capital flows through compliance.

BDCs were complying with the rendition of suspicious transactions reports, as directed by NFIU, CBN, and EFCC.

According to him, BDCs are required to comply with all extant regulations prescribed by the Bank, while the CBN closely supervises and monitors their operations in the country’s financial services ecosystem.