Nigeria Naira

Naira Falls in Parallel, Black Markets

The naira yesterday suffered a severe defeat against the dollar in both parallel and black markets.

At the interbank market, the local currency lost 53 kobo to close at N308.32, from N307.79 it closed on Friday.

Trading at the Bureau De Change (BDC) showed that the naira lost five points to exchange at N445 against the dollar, while it traded for N565 and N480 against the Pound Sterling and the Euro respectively.

The naira also closed at N445, N559 and N484 to the dollar, Pound Sterling and the Euro at the parallel market.

Traders at the market linked  acute forex shortage of the greenback to the poor performance of the naira at the market.

President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, assured that the BDCs were set to key into Travelex platform for forex sales.

Gwadabe said biometric registration of BDCs and subsequent funding was ongoing, a move, which he said would lead the naira to the path of recovery.

 

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