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Monday, 3 October 2016
Naira drops to 490/$1, 600/£1
Over the week, the naira has been on a free fall at the parallel market, moving from 439 per dollar on Monday to 490 to the greenback on Friday morning.
The British pound and euro are also currently trading at N600 and N520 respectively.
According to Gwadabe
president of the Association of bureau de change operators of Nigeria (ABCON), says
, foreigners are mounting pressure
on the naira by bringing in their dollar demand to Nigeria, hence, mopping up the dollars in the system.
Gwadabe said ABCON and Travelex are now into a partnership, which would take off soon, thereby easing the stress on the local currency.
The bureau de change boss expressed support for the proposed sale of some national assets to beef up foreign reserves and support the naira.
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