Dollar Rates Increases To N450 in parallel market

Amid the outbreak of the novel coronavirus pandemic, a dollar in the parallel market has traded at N450.

Apparently, the Impact of the crude oil price fluctuation has overpowered the exchange power of Naira.

The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The crash of naira rate in the parallel market to a high of N450/$  as a result of the shallowness and dryness of the market.

“It is our resolve to enhance liquidity in the foreign exchange market and help discover a true market exchange rate that is devoid of speculative and hoarding activities.”

Gwadabe added that regulators should think outside the box in enhancing liquidity in the market.

“There should be both demand and supply measures to navigate the stormy waters ahead,” he said.

Allnews earlier reports that following the lockdown, the Central Bank of Nigeria had suspended sales of dollars to the Bureaux De Change operators, as requested by ABCON.

Gwadabe said, “ABCON in preparedness to our return to business has digitized the ticketing systems of our members in various collections center nationwide in an anticipation of the lifting of restrictions on internal movements next week.

“First our return to trading will eliminate the volatility in the market and ensure stability in the market in the face of daunting challenges of COVID-19 and tumbling oil prices.”

the agency added that to have activities running, it will observe all safety procedures including, “Online real-time ticketing numbers for BDCs on every bidding day, Compulsory use of face mask in our awaiting area, Provision of handwashing facilities in all our awaiting area and the Use of infrared thermometers and hand sanitizers in all our waiting areas."

“Observe social distance in our waiting areas and a minimum of 20 persons per time slots at the disbursements center for collection and front line staff will use personal protection equipment by our.”