Naira sustains loss against dollar



The Naira on Tuesday sustained its loss against the dollar at the parallel market.

This was in spite of the Central Bank of Nigeria (CBN)’s intervention at both the interbank market and Bureau De Change (BDC) window.

The News Agency of Nigeria (NAN) reports that the naira on Tuesday afternoon exchange between N405 (buying rate) and N410 selling rate at the parallel market.

NAN reports that it was weaker than N405 traded on Monday.

Also, the Pound Sterling and the Euro closed at N490 and N430 respectively.

At the BDC window, the Naira was sold at N362 to a dollar, while the Pound Sterling and the Euro traded at N500 and N428 respectively.

READ: CBN shortens Foreign Exchange settlement period as naira weakens

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Trading at the interbank market saw the Naira closed at N306.20 to the dollar.

A currency trader told NAN that dollar had remained scarce in the market in spite of the injection of foreign exchange at the interbank market and the BDC window.

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), decried the movement of illicit funds across the nation’s borders.

Gwadabe said that the BDCs were ready to cooperate with the CBN to see rates convergence at the market.

He urged security operatives to be on the lookout for the movement of “hot money’’ across the nation’s borders.

NAN reports that the CBN had not relented in providing foreign exchange to end users.

The CBN had on April 4 injected 10,000 dollars to BDCs nationwide to checkmate the activities of currency hoarders and speculators.