Naira Depreciate Further Against Dollar at Parallel Market

The Naira on Wednesday depreciated
further against the dollar at the parallel
market, the News Agency of Nigeria
(NAN) reports.
It lost 4 points to exchange at N357 to
the dollar, from N353 it traded on
Monday.
The Nigerian currency also weakened
further against the Pound Sterling and
the Euro as it exchanged at N462 and
N385 respectively, from N460 and N383
it traded on Monday.
At the official interbank window, the
Naira closed at N283.42 to a dollar.
Traders at the market cited the scarcity
of the greenback as reason for the
extension of loses of the Naira.
Meanwhile, the President, Association of
Bureau De Change Operators of Nigeria
(ABCON), Alhaji Aminu Gwadabe, said
that there was need to close “the lacuna
in the forex market’’ for effective policy
implementation.
According to him, the undermining of a
critical distribution sector in ABCON by
the Central Bank of Nigeria (CBN) in
formulating its new forex policy would
not augur well for the sector.
The ABCON chief, therefore, urged
currency hoarders to sell off the dollar
in their possession as the economy would
soon be rejuvenated.