Here’s How The Naira Fared Against Dollar At Parallel Market [Dec 28]

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The Naira on Wednesday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break.

The News Agency of Nigeria reports that the Naira lost five points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and N502, respectively.

READ ALSO: Naira Trades At 494/$ On Christmas Day, From 268/$ On December 25, 2015

At the Bureau De Change Window, the Naira traded at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N602 and N510, respectively.

The Naira traded at N305.25 to a dollar at the official inter-bank market.

READ ALSO: Naira Crashes To A New Record Low Against Dollar As CBN Prepares To Eliminate Parallel Market

Traders at the market said the scarcity of forex was still exerting pressures on the Naira.

Meanwhile, President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, said the pressure on the Naira was disturbing and dangerous to investment, output and employment.

READ ALSO: CBN On The Verge To Eliminate Forex Black Market

Gwadabe called for harmony between the fiscal and monetary policies in addressing the woes of the Naira.

“There is the need for concerted collaboration among both the fiscal, monetary policy makers and the operators in the economy to address this monster facing the economy.

“I must confessed that I am disturbed and worried,’’ Gwadabe said.

(NAN)

Datboyjerry

Datboyjerry

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