The volatility in the nation's money market has left the naira struggling to find its ground against the dollar since 2015 and just yesterday, the local currency hit its lowest rate against dollar.
The naira continued its free fall on Wednesday, January 13, as both the foreign exchange and stock market remained in the major negative trends.
The Naira depreciated further to a 43-year low at N305 per dollar as scarcity of dollars intensified in the unofficial market.
From an average of N287 per dollar on Tuesday, January 12, the parallel market exchange rate jumped to an average of N305 per dollar across the country.
Since Monday when the Central Bank of Nigeria (CBN) stopped weekly dollar sales to Bureaux De Change (BDCs), the Naira has been depreciating against the dollar.
BDC sources who confirmed the development to Vanguard , however, said that the exchange rate situation is uncertain as the rate changes from time to time.
Vanguard findings revealed that though the exchange rate touched N305 in major cities like Lagos, Abuja and Kano, it dropped slightly to between N295 and N300 per dollar in Lagos and Abuja at the close of business, while it closed at N305 in Kano.
Chief Executive Officer, H.J Trust BDC, Mr. Harrison Owoh, told Vanguard that the market is fluid.
“You cannot quote any rate for anybody now because the rate is changing every time.” he stressed.