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Naira extends loss, N902 against dollar, likely to hit N1,000 by August end says BDCs

The naira has depreciated further as the currency falls to N902 per dollar on the black market. Numbers from various Bureau de Change traders on Tuesday showed that the currency was priced between N900 and N902.

The buying price was N898 to N900 depending on the operator. The naira depreciated by N30 after closing at N870 against the dollar considering first 8 days of August.

BDC operators attributed the fall to shortage of the dollar in the market, the Whistlers says, as techrectory reports.

“With the way the dollar is scarce, the naira may trade close to N1,000 by the end of this month (August),” Dare, a BDC dealer in Abuja said.

At the Investors’ and Exporters’ Window, the naira sold as high as N799 before closing at N774.78.

“Demand for the dollar is very high and some of us are not able to meet up,” he added.

Since introduction of Central Bank of Nigeria’s managed float on June 14, 2023, it has been on a free fall. Although, the Economist Intelligence Unit (EIU) said the Central Bank of Nigeria is inexperienced in managing a floated naira.

Recall that President Bola Tinubu address to the nation on August 1, discloses that his government may intervene by defending the currency “if need be”.

He said, “Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

“We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.”

See also Leatherback Targets Growth As EFCC Drops Fraud, Misconduct Allegations

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