The Naira has had a bad record over the past month but as of recently prices have fallen to new lows of 466/USD as the bank settles to negotiate with Bureaux De exchanges on potential solutions to the ever growing financial mess. Bitcoins has been highlighted as a potential solution as the bank again mishandles this desperate situation.
The current price decline may have been due to the Travelex delay behind their Dollar sale of around $15000 to Bureaux De Exchanges. While the main solution is to expand on the supply of Dollars that are available to Exchanges, current restriction of Forex can be avoided using Bitcoin and other digital currencies.
Aminu Gwadabe said, “Yes we met with the CBN and Travelex to identify the problem and proffer solutions. Much of the problem is because BDCs outside Lagos are yet to be incorporated into the weekly dollar sale by Travelex. As a result there is increased demand pressure on the market in Lagos, causing the rate to go up. “
To conclude as the Naira slips further and further it seems the central bank has not found a strong level of support to maintain a heath exchange rate. Selling to foreign Bureaux de exchanges has briefly provided a respite to the fast moving markets, the increase of around 11 Naira as seen on parallel markets, has affected both industries and individuals alike. Analysts predict the Naira will fall further as no long term strategy has been installed as of now. However Bitcoin exchange rates have been moving in the opposite direction as growth has pushed Bitcoin prices up over 4% to $716. NairaEX provides Bitcoin at market leading prices with your Bitcoin being delivered within a matter of hours!