Naira Loses Against dollar

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Who The Parallel Forex Market ‘Epp’?

The Naira on Wednesday fell by one point, exchanging at N361.5 to the dollar at the parallel market in Lagos, the News Agency of Nigeria reports.

This is just as the Central Bank of Nigeria (CBN) approved an upward review of the trading margin for Bureau de Change (BDC) operators in the country.

The Nigerian currency had exchanged at N360.50 to the dollar on Tuesday.

The Pound Sterling and the Euro closed at N484 and N420 respectively at the market.

At the Bureaux De Change (BDC) window, the naira was sold at N360 to the dollar while the Pound Sterling and Euro closed at N484 and N420, respectively.

Trading at the investors’ window saw the naira close at N360.95 to the dollar.

At the CBN segment, the naira was sold at N305.95 to the dollar, while the Pound Sterling and Euro closed at N410.71 and N360.16, respectively.

The naira exchanged at N47.83 and N23.93 against the Yuan and the South African Rand.

Currency traders said the demand for the dollar had remained high in spite of the huge interventions of the CBN at the foreign exchange market.

NAN reports that the CBN had been making frantic efforts to keep the naira afloat through its series of interventions at the FX market.

Confirming the review of rates for BDCs, the acting Director, Corporate Communications of the CBN, Mr. Isaac Okorafor, had said the decision was aimed at giving the BDCs a level playing field to enable them to compete favourably with other authorised foreign exchange (forex) dealers.

With the review, BDC operators will now buy the United States dollar from the CBN at N357/$ and sell same at N360, leaving the currency dealers with a margin of N3. The revision also means that BDCs will buy forex at the same rate that banks buy from the CBN for retail transactions such as BTA, PTA and for school fees.



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