Not Good! Naira Depreciates Further Against the Dollar...See Latest Exchange Rate

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