The naira on Monday depreciated further at the black market
in spite of the commitment of the CBN to boost liquidity in the market.
The naira lost two points to exchange at N395 to the dollar
from N393 recorded on Friday, while the pound sterling and the Euro closed at
N480 and N415, respectively.
At the Bureau De Change (BDC) window, the naira was sold for
N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and
N430, respectively.
Trading at the interbank market saw the naira closed at
N306.3 to the dollar.
Traders at the market expressed optimism that the naira
would bounce back as the CBN continued to boost liquidity at the interbank
market and the BDC sector in the week.
Meanwhile, Alhaji Aminu Gwadabe, President, Association of
Bureau De Change Operators of Nigeria (ABCON) said that the apex bank had
reduced the time lag between the funding of their accounts and the disbursement
of foreign exchange.
Gwadabe said that with more liquidity at the BDC window and
effective distribution of foreign exchange, the naira was well positioned to
bounce back.
Source: Thenation
Post a Comment