Naira depreciates further to exchange N710/$1

The President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe has revealed that the naira further declared against the dollar on Wednesday.

According to him, Naira weakened by 34 per cent in 10 months to close at N710 to a dollar on Wednesday at the parallel market.

This means it recorded a margin of N280 from the official rate.

At the Investor & Exporter forex window, the naira hit a high of N444 before closing to the dollar at N430.

The I&E market recorded a total turnover of $126.69m on Wednesday.

The President, Association of Bureaux de Change Operators of Nigeria, Alhaji Aminu Gwadabe, told The Punch on Wednesday evening that, “the rate closed at N710/$.”

Some Bureau de Change operators who spoke to Punch from Ikeja, Lagos, said a dollar was bought and sold for N700 and N710 respectively.

At Zone 4 in the Federal Capital Territory, Abuja, a dollar hovered between N705 and N710 between 11am and 4pm yesterday.

“Dollar is really very scarce today. You cannot find it anywhere,” said Abu Sani, one of the BDCs operating at the Abuja International Airport.

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