The Naira on Wednesday depreciated further against the dollar, amid last minute perfection of documentation by Bureau De Change (BDC) operators, the News Agency of Nigeria (NAN) reports.
The Nigerian currency lost one point to exchange at N394 to the dollar at the parallel market; while it traded at N505 and N440 against the Pound Sterling and the Euro, respectively.
At the BDC segment of the market, the naira exchanged at N393, N504 and N437 to the dollar, Pound Sterling and the Euro respectively.
However, the naira appreciated at the official interbank market as it closed at N314.14 from N324.4 it posted in Tuesday.
Traders at the market said that the perfection of documentation by BDCs was holding the naira from crashing further at the parallel market.
Meanwhile, Mr Harrison Owoh, a BDC operator, said that few banks have begun the sale of forex to some BDCs.
Owoh said that the increase in the forex allocated to BDCs by the apex bank was in the right direction.
He said that the Central Bank of Nigeria’s (CBN) decision was “a futuristic comment targeted at stifling the invisible hand of currency speculators”.
He added that the increase was part of the CBNs decision to ensure a robust and sustainable forex supply in the market.
NAN reports that the CBN rose from its bankers committee meeting on Tuesday and announced the increase in weekly forex sales to BDCs from N30,000 to N50,000 dollars. Click to signup for FREE news updates, latest information and hottest gists everyday
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Changi dole! Naira is now 1 is to 1 dollar. Sai Baba!
ReplyDeleteApc ! Changi dole! By the time this clueless useless wicked corrupt and incompetent APC government finish with Nigeria, Nigerians will know that khaki no be leather.Changi dole Sai hahahahaha! Sai Baba!
ReplyDeleteOver one month now I requested for Forex in order to pay my MSc project enrollment fee but always told that Forex is not available to me. What shall I do? I do not have any alhaji as friend nor the CBN governor as brother. I have followed the right door to approach the process as required by law yet it does not work. I need government to look into this and proffer urgent solution.
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