Naira dips further against dollar

The Naira on Wednesday dipped 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.
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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.