In a perplexing turn of events, the Dollar to Naira exchange rates continue their relentless climb, with the black market showing Buy rates at N915 and Sell rates at N918. This unsettling trend persists even as the Central Bank of Nigeria (CBN) remains actively engaged in foreign exchange (FX) interventions.
Despite the CBN’s efforts to restore order by bringing back Bureau de Change (BDC) operators, Nigerians are left grappling with the persistent strengthening of the Dollar against the Naira. The central bank’s initiatives have seemingly fallen short in stabilizing the volatile currency market.
Moreover, in a recent development, the CBN has launched a Forex Exchange portal verification process aimed at parallel marketers. This move further underscores the CBN’s determination to address the currency exchange challenges.
While the central bank’s interventions and initiatives are well-intentioned, the Dollar’s ascent against the Naira is a matter of growing concern for Nigerians. The ongoing struggle to maintain stability in the exchange rate landscape raises questions about the effectiveness of these measures.
As the Dollar-Naira exchange rate remains in the spotlight, many are anxiously awaiting a resolution that will provide much-needed relief for Nigeria’s currency market.
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