Naira Expected to Crash to 500 Per Dollar Next Week

The Nigerian naira is expected to hit a landmark 500 units per dollar at the parallel market next week as dollar scarcity continues.

“There is an acute shortage of dollars in the market because of supply being slashed by half to Bureau de Change operators from international money transfer agents, pushing the naira down,” a trader at the forex market said.

The BDC operators now receive $8,000 each every week from Travelex instead of the usual $15,000 each per week.

Furthermore, there has been a clamp down on “illegal” BDC operators by the DSS, exacerbating the situation.

The naira exchanged for 490 to the dollar at the beginning of the week. At the moment it’s 495 per dollar.

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