The naira has maintained its slide against the dollar in the midst of forex scarcity, reports from the markets indicate.
At the parallel market, naira commenced trading at 1,175/$ and closed at 1,190/$ on Friday.
Two weeks earlier, the naira had traded at 1,100/$ at the parallel market.
It, however, appreciated slightly on the Investor & Exporter forex window after it sold at 808.28/$ at the close of trading on Friday, from 810.05/$ on Thursday, according to figures obtained from the FMDQ.
The President, Association of Bureaux De Change Operators of Nigeria, Dr Aminu Gwadabe, said achieving stable, strong and virile exchange rate in Nigeria would require full participation of BDCs in the retail segment of the forex exchange market.
He said the challenges confronting the nation’s forex market and depreciation of the naira required cooperation from all.
The BDCs, he said, were licensed to play at the retail end of the forex market and should be fully involved in providing lasting solutions to the ongoing volatility in the exchange rate.
Gwadabe said, “The continuous depreciation of the naira in official and parallel markets does not benefit the BDCs and the domestic economy. Hence, steps should be taken to reverse the trend and strengthen the local currency for maximum economic impact.”
Gwadabe said that, like every other market segment, the market’s illiquidity remained a significant concern to the BDC sector.
He said aside from illiquidity in the market, ABCON was unhappy with the unlicensed forex dealers who were at the centre of speculative activities and attracting a negative image to the sub-sector.
