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Naira consolidates strength against dollar

The Naira on Friday in Lagos consolidated its position against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

PHOTO: REUTERS/AFOLABI SOTUNDE

The Naira on Friday in Lagos consolidated its position against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency on Friday afternoon exchanged between N380 (buying rate) and N390 (selling rate), stronger than N400 recorded on Thursday, while the pound sterling and Euro closed at N490 and N430.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to the dollar, while the pound sterling and the Euro were sold at N500 and N400.

The Nigerian currency appreciated at the interbank market, closing at N307 to the dollar, from N308 posted on Thursday.

Traders at the market said liquidity boost at the interbank market by the CBN was fast forcing the rate down at the market.

Meanwhile, Alhaji Aminu Gwadabe, the President of the Association of Bureau De Change Operators of Nigeria (ABCON), said CBN-licenced BDCs would incur regulatory losses of N130 million this week.

Gwadabe told NAN that the losses were coming from CBN’s disparity in applicable exchange rates among players in the market.

According to him, the public has refused to buy foreign exchange from BDCs for invisibles such as medicals, school fees, personal and business travel allowances at a rate above N375 to the dollar.

The financial expert urged the CBN to promptly address the issue.

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4 Comments

  • Author’s gravatar

    Please LET THE NAIRA CONTINUE TO APPRECIATE! Nigerians and the economy should not be controlled by the bogus BDC, where else in this world do you see mallams changing a countries currency like selling bread! Yes let the BDCs lose money and get out of the business and go and plant tomatoes, or groundnut and get out of this NAIRA/DOLLAR/EURO business! The CBN should please continue the intervention to bring up the value of the NAIRA to 1$ to 2.5naira! How can some people be profiting from the devaluation of their own motherland currency! Enough is enough! CBN please release more dollars into the system and force down the bogus value of the dollar! Nigerians have suffered enough!

    • Author’s gravatar

      Its everywhere, its not just Nigeria. The government dont do currency exchange business in western world. The government just have to do what make currency strong. Like manufacturing, greater exportation over importation, dependable energy medical educational and many other services. Those are things that make economy better and then make the currency stronger.
      What the CBN is doing will make things worst in the shorter long run.

      • Author’s gravatar

        You are right, but Nigerians may need to import before they can manufacture and when the dollar, the international currency is too high, where will entrepreneurs get the cash to import machinery and raw materials to run their businesses.

  • Author’s gravatar

    NIGERIA government mortgage our country’s economy to some shallow minded persons, see that outcome of embracing kparapoism in running the affairs of this country.