Standup9ja: Naira weakens against dollar at parallel market
The Naira on Wednesday, weakened against the Dollar at the
parallel market, the News Agency of Nigeria (NAN) reports.
The Nigerian currency lost 8 points to exchange at N398,
weaker than N390 recorded on Tuesday, while the Pound Sterling and the Euro
closed at N485 and N415.
At the Bureau de Change (BDC) window, the Dollar was sold at
N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and
N430.
Trading at the interbank window saw the Naira closed at
N306.2 to the Dollar.
Traders at the market said that they expected the Naira to
appreciate by Thursday as BDCs gets additional dollar allocation from CBN.
Meanwhile, Alhaji Aminu Gwadabe, President, Association of
Bureau De Change Operators of Nigeria (ABCON), said that the additional
injection of $10,000 by the CBN to BDCs would help to checkmate speculation.
Gwadabe said that CBN’s action justified its determination
to continue to strengthen the Naira and get it out of the grips of speculators
and hoarders.
NAN reports that CBN, last week, stated that it had
increased the volume of Dollar sold to BDCs from 8,000 to 10,000 dollars
bi-weekly.
The apex bank hoped to stabilise the Naira exchange rate
through its interventions at the foreign exchange market. (NAN)
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