The naira depreciated against the dollar on Wednesday by selling at N450 to a dollar at the Black market
popularly known as the aboki,today according to abokiFx.com.
Note that the N450 exchange rate is weaker than N445 to a $1 that was posted on June 2nd 2020
Dollar demand from investors and importers surged yesterday with payment obligations accumulating
from dollar shortages at the spot currency market, triggered the local currency’s depreciation.
At the close of transactions yesterday, the naira that seem to have stayed at the same rate of exchange
for some days, reversed its previous gains recorded days ago, signaling the accumulation of unmet
demand, according to some local manufacturers and importers.
However, just recently, the CBN Governor, Godwin Emefiele, issued a stern warning to currency
speculators and hoarders.
He also advised Nigerians to desist from patronizing black-market currency operators. According to him,
the rates they are buying the dollar from the black market are unrealistic. Therefore, there is high
probability they will lose their money if they continue to do so.
Meanwhile, , the President of the Association of Bureau De Change Operators (ABCON), Aminu
Gwadabe, warned members and forex speculators buying up dollars and putting pressure on the naira to
desist or risk losing their money.