TVC E. The naira on Wednesday, March 16, dropped against the dollar on the parallel market as the dwindling fortunes of the Nigerian currency failed to improve.
At 11am on Wednesday, the Nigerian currency stood at about N325 against the American dollar on the parallel market. The bureau de change (BDC) operators told our correspondent that the exchange rate has dropped in the past 48 hours and, as they suggested a few days ago, is not likely to improve in the coming days or weeks.
One of the sources said: “My friend, this is the situation right now. The prices keep fluctuating in the last few weeks, but recently, it has refused to improve against the dollar. “Although many think the BDC operators are the ones benefiting more from the development, I can assure you that on the long run, everybody in the country bears the brunt of the failing economic situation in this country.
“We are appealing to the federal government to kindly work on this inconsistency and ensure that we have a steady economy. Otherwise, the challenges will continue and we shall all keep bearing the pains of an unhealthy society.” The news follows the Central Bank of Nigeria’s proposal of a N100 monthly charge on every debit card (ATM card) in the country.
The new charge is separate from the existing N65 charge after the third withdrawal within the same month. A monthly maintenance fee of N100 was also proposed every month for a naira-dominated debit card when used, and a N50 charge for other months whether the card is used or not.
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