Naira Weakens Further Against 3 Major Currencies At Parallel Market

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Naira Weakens Further Against 3 Major Currencies At Parallel Market

Thursday was not favourable for the Naira, as the local currency weakened against all three major currencies at the parallel market.

The News Agency of Nigeria (NAN) reports that Naira lost three points to the dollar as it closed at N493 to a dollar, against N490 it traded on Wednesday, January 4, 2017.

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Also, the Pound Sterling and the Euro exchanged for N595 and N506, respectively.

At the Bureau De Change (BDC) window, the Naira traded at N399 to a dollar, the Central Bank of Nigeria (CBN) controlled rate, while Pound Sterling and the Euro closed at N598 and N510 respectively.

The Naira, however, remained stable at the interbank window as it exchanged for N305.00 to a dollar.

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Traders at the market said that liquidity challenge was far from being resolved.

Lending voice on the development, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), while decrying the spike in the exchange rate, commended the CBN for keeping it below N500 to a dollar.

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Gwadabe said that the task of keeping the dollar below N500 and controlling the inflation rate was enormous, adding that the apex bank was doing its best.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism.If you ever find my article unduly insipid, sue me and i’ll refund you...

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