Naira Falls Further To N395 To A Dollar

The naira on Monday depreciated further at the black market in spite of the commitment of the Central Bank of Nigeria to boost liquidity in the market.
The naira lost two points to exchange at N395 to the dollar from N393 recorded on Friday, while the pound sterling and the Euro closed at N480 and N415, respectively. At the Bureau De Change, BDC, window, the naira was sold for N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430, respectively. Trading at the interbank market saw the naira close at N306.3 to the dollar. Traders at the market expressed optimism that the naira would bounce back as the Central Bank continued to boost liquidity at the interbank market and the BDC sector in the week. Meanwhile, Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, ABCON, said that the apex bank had reduced the time lag between the funding of their accounts and the disbursement of foreign exchange. Mr. Gwadabe said that with more liquidity at the BDC window and effective distribution of foreign exchange, the naira was well positioned to bounce back.

Author: NewsAdmin

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