The Nigerian currency on Friday
afternoon exchanged between N380 (buying rate) and N390 (selling rate),
stronger than N400 recorded on Thursday, while the pound sterling and
Euro closed at N490 and N430.
At the Bureau De Change (BDC) window,
the Naira was sold at N399 to the dollar, while the pound sterling and
the Euro were sold at N500 and N400.
The Nigerian currency appreciated at the
interbank market, closing at N307 to the dollar, from N308 posted on
Thursday. Traders at the market said liquidity boost at the interbank
market by the CBN was fast forcing the rate down at the market.
Meanwhile, Alhaji Aminu Gwadabe, the
President of the Association of Bureau De Change Operators of Nigeria
(ABCON), said CBN-licenced BDCs would incur regulatory losses of N130
million this week. Gwadabe told newsmen that the losses were coming from
CBN’s disparity in applicable exchange rates among players in the
market.
According to him, the public has refused
to buy foreign exchange from BDCs for invisibles such as medicals,
school fees, and personal and business travel allowances at a rate above
N375 to the dollar.
The financial expert urged the CBN to promptly address the issue.
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