On the parallel market, the naira opened at 1,175/$ and ended last Friday at 1,190/$. When the naira traded at 1,100/$ on the parallel market two weeks ago, there has been a decline.

On the Investor & Exporter FX window, the value of the naira did, however, slightly increase. According to the FMDQ, it sold at 808.28/$ at the close of trading on Friday, down from 810.05/$ on Thursday. Journalists were informed by a few Bureau de Change operators that they are finding it challenging to give foreign exchange to their clients due to the dollar’s scarcity.

 “On Friday, the price was 1,175/$, but we don’t even have it. It is not available right now,” A BDC operator, Jubril Mutiu, told The PUNCH in a recent interview.

Another BDC operator, Adamu Afeez, told newsmen that they are currently seeking individuals interested in selling to them. He acknowledged, however, that they currently lack the necessary funds to make purchases saying, “Without the required currency, we are unable to engage in any selling transactions.”

Another BDC operator, Ibrahim Abu, said, “We sold for 1,175/$ in the morning till afternoon on Friday. By 2 p.m., it was already selling for 1,190/$. It has been fluctuating. I don’t know what the rate will be on Monday.”

The naira had continued to maintain devaluation following the Central Bank of Nigeria’s (CBN’s) order to the lending institutions to allow the free flow of the country’s exchange rate in June.

Before floating the naira, it traded at the official market on the FMDQ at 471.67/$ and at the parallel market at 765/$ in June. Commenting on the unstable exchange rate, the President of the Association of Bureaux De Change Operators of Nigeria, Dr Aminu Gwadabe, in order to achieve a stable, strong, and virile exchange rate in Nigeria, it is imperative that the retail segment of the forex exchange market is fully participated in by the Bureau De Change (BDCs). Gwadabe acknowledged the challenges facing the nation’s forex market and the depreciation of the naira, which he said requires the cooperation of all stakeholders.

He stressed that the BDCs, being licensed to operate at the retail end of the forex market, should be fully involved in providing lasting solutions to the ongoing volatility in the exchange rate.

“The continuous depreciation of the naira in official and parallel markets does not benefit the BDCs and the domestic economy. Hence, steps should be taken to reverse the trend and strengthen the local currency for maximum economic impact.,” Gwadabe was quoted to saying.

He said that while the CBN has taken a number of steps to close the exchange rate gaps, demonstrating the regulator’s sincere commitment to establish exchange rate stability, involving the BDCs in the solution would produce the intended outcomes of a highly liquid market and stable rates.

According to Gwadabe, the BDC sector continues to be deeply concerned about the market’s illiquidity, just like it is with every other market segment.

In addition to the lack of liquidity in the market, he stated that ABCON was dissatisfied with the unlicensed forex dealers in the centre of speculative activity, which was harming the subsector’s reputation.