Naira Loses Steam Against Dollar, Click To See The New Exchange Rate – Maynaija News Naira loses steam against dollar, sells at N465 to $1

Naira Loses Steam Against
Dollar, Click To See The New
Exchange Rate – Maynaija News
Naira loses steam against dollar, sells at N465
to $1

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.
At 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 banks need to be
harmonised and with that of BDCs to reduce
friction,” Gwadabe said.



NAN