Dollar Now N818/$, As Scarcity Hits BDCs

Category: Business News

The naira fell to N818/$1 at the parallel market on Monday in Abuja and N815 in Lagos as it continued to lose its value.

Investigations by Daily Trust revealed that the naira is currently under high selling pressure in the black market following CBN’s announcement that the newly redesigned naira notes would start circulating in the economy from December 15, 2022.

Since the apex bank made this announcement last week, the naira has fallen from its initial record low of N765/$1, losing over N53 in five days, further piling pressure on the local currency.

One of DT correspondents who visited the popular Bureau De Change hub at Wuse Zone 4, Abuja reports that several customers came looking for dollars but had difficulty accessing it.

Some of the offices visited included AA Funtua BDC, Mourison BDC, Wireless Resources BDC, Bani Mbaka BDC, Amfani Girma BDC and others.

The correspondent who also posed as a customer to purchase $10,000 couldn’t get any BDC who had up to that amount of dollars to sell. Some of the BDCs said they didn’t even have $5,000 to sell.

Some of the operators confirmed there was a spike in demand following the CBN’s announcement that it will introduce new currencies.