The
Naira on Friday depreciated against the dollar at the parallel market
after posting days of appreciation, the News Agency of Nigeria (NAN)
reports. The nation’s currency lost N7 to exchange at N465 to a dollar
after closing at N458 on Thursday, while the Pound Sterling and the Euro
traded at N542 and N480.nAt the Bureau De Change (BDC) window, the
Naira traded at N399 to a dollar, CBN controlled rate, while Pound
Sterling and the Euro closed at N610 and N520. Trading at the interbank
market saw the Naira sold at N305.25 to a dollar
NAN
reports that the CBN injected over 500million dollars into the market,
to boost liquidity, but the Naira continued to depreciate. Traders in
the market expressed concern about the depreciation of the Naira in
spite the gains earlier recorded. Alhaji Aminu Gwadabe, President,
Association of Bureau De Change Operators of Nigeria (ABCON), said there
was need for a review of the distribution mechanism. “Many banks are
selling to only clients with current accounts and not to savings account
holders and there is also increasing demand for forex from our
neighbouring countries. “The different applicable exchange rates and
volumes with Travelex and banks need to be harmonised and with that of
BDCs to reduce friction,” Gwadabe said. (NAN)
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