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Nigerians, investors and importers have continued to groan under the biting effects of the free fall of the Naira against all major currencies thus making it impossible to do business in Nigeria as the naira closed flat at 470 against the United States dollar on Monday.
The naira had plunged to 470 on Wednesday, down from 455 on Tuesday as fresh dollar shortage hit the official and parallel forex markets.
The local currency, which had been relatively stable against the greenback, fell last week as fresh scarcity hit the forex markets.
Travelex and First Bank of Nigeria Limited commenced sale of foreign exchange to Bureau De Change operators some weeks ago following the approval by the Central Bank of Nigeria.
Forex traders, however, said last week that the scheme had failed to ease the biting dollar shortage in the country.

“What we get from Travelex is not sufficient,” one trader told Reuters, referring to demand in the market.
At the official market, the naira closed at 305.50 per dollar, a level it had closed for more than two months, supported by the CBN interventions.
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.
This, he said, was partly responsible for the fresh dollar scarcity.
“There are still logistics problems in selling forex to all the BDC operators. This is what is causing this relative scarcity,” he said.

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