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Naira Plunges Further, Exchanges At N497 To $1


The Naira on Friday depreciated further at the parallel market as dollar scarcity worsened. The Naira may be seeing its worst times as the CBN will be resuming dollar sales to Bureau De Change (BDC) operators next week. The Nigerian CURRENCY exchanged at N497 to a dollar at the parallel market, losing two points from Thursdays posting; while the Pound Sterling and the Euro traded at N597 and 515 respectively. At the BDC WINDOW, the Naira was sold at N399 to a dollar, while the Pound Sterling and the Euro closed at N600 and N515, respectively. Trading at the interbank market window saw the Naira closed at N305.00 to a dollar. Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), expressed the hope that the Naira would bounce back next week. Gwadabe said that the CBN would be selling about 25 million dollars to BDCs next week and this would definitely help in reducing liquidity challenge in the Market. He urged Nigerians not to panic as the CBN was working closely with the BDCs to ensure that the Naira recovers quickly.

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