Naira depreciates further to N436/dollar

The Naira on Thursday crashed further against the major currencies in all the segments of the market, the News Agency of Nigeria reports. At the interbank market, the naira fell by 2.99 points to close at N313.07 from N310.08 recorded on Wednesday.



The Bureau De Change segment of the market, traded the naira at N424, N549 and N468 to the dollar, Pound Sterling and the Euro respectively. Trading at the Parallel market showed that the naira lost 8 points to close at N436, from N428 posted on Wednesday, while it traded at N555 and N472 against the Pound Sterling and the Euro respectively. Traders at the market said the scarcity of the greenback was still haunting the market.

Meanwhile, Alhaji Aminu Gwadabe, the President Association of Bureau De Change Operators of Nigeria, said that he foresees the naira on the path of recovery by Monday.
“The naira will begin to recover by Monday when Travelex begins to sell forex to BDCs,” Gwadabe said,

Gwadabe said with the coming on board of Travelex, a licensed forex dealer, efficiency, transparency and equitable distribution of forex would be revived back in the market.

NAN reports that since the implementation of the flexible exchange rate by the Central Bank of Nigeria, the gap between the official interbank rate and the parallel market continued to be on the rise. The naira, which had opened at N285 at the launch of the policy, had depreciated by 10 per cent, while it continued to crash further at the parallel market.