Naira remains at 470 as dollar shortage continues

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The President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, told our correspondent on Monday that the sale of dollars to the BDC operators had yet to get across the country.

Travelex sells around $15,000 to 1,000 retail currency outlets weekly, but the amount is a fraction of what is required to cover demand from individuals and small businesses.

Dollar shortages have caused many companies to halt operations and lay off workers, compounding an economic crisis exacerbated by the fall in global prices of oil, which accounts for 70 per cent of Nigeria’s budget revenue.

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