Dollar to Naira exchange rate today as forex shortage lingers

The naira sunk further, an exchange to the dollar now sit at 595/dollar on Friday at the parallel market.

Some bureau de change operators who spoke with the punch correspondent said the dollar was bought and sold at 585 and 595 on Friday.

The dollar was exchanged on Monday at 590 per dollar,
At the Investor and Exporter forex window, the naira slumped by 0.20 per cent to close at N419 after reaching an high of N444 on Thursday.

An over all of $108.24m turnover was recorded at the trading at the I&E windows on Thursday.

The association of Bureaux de change operators of Nigeria had sought the CBN’s support in ensuring bureaux de change operator’s continued to sell dollars to the retail end of the market.

But, as long as forex scarcity continued in the country, experts have said further interventions by the CBN in any sector would be a mirage

The Central Bank of Nigeria, Governor, Godwin Emefiele, and Bankers’ Committee had launched a programme tagged ‘RT200 FX Programme’ to boost forex supply in the country through the non-oil sector in the next three to five years.

“The RT200 FX Programme is a set of policies, plans and programmes for non-oil exports” CONTINUE READING…