In News by Oluwaseun Samuel on the 09th, September, 2020

Naira Loses Towards Greenback At The Parallel Market…See Newest Alternate Charge

Naira Loses Against Dollar At The Parallel Market...See Latest Exchange Rate

Naira and dollar



Barely 24 hours after the Central Financial institution of Nigeria (CBN) resumed greenback gross sales on the Bureau De Change (BDC) sector, the Naira have reversed the achieve made in opposition to the greenback.


The Naira traded at N441 to the greenback on Tuesday, dropping N6 from N435 recorded on Monday on the parallel market in Lagos.


The Pound Sterling and the Euro closed at N585 and N515, respectively.


On the BDC window, the naira was bought at N386 to a greenback, whereas the Pound Sterling and the Euro closed at N585 and N515, respectively.


Buying and selling on the investor’s window noticed the naira closing at N386.21 to a greenback as traders traded a complete of 45.22 million .


The naira, nevertheless, closed at N379 to a greenback on the official CBN window.


Regardless of the sale of 51.eight million to five, 180 BDCs on Monday, the affect of the intervention was but to be considerably felt.


In the meantime, Prof Sheriffdeen Tella, a Senior Economist on the Olabisi Onabanjo College In the past-Iwoye, Ogun, famous that the amount of FOREX bought to BDCs was insignificant relative to the demand for .


Tella stated that the demand for by real importers and for abroad faculty charges was very excessive.

“Except the CBN is in keeping with its interventions on the international trade market within the weeks forward, the naira could proceed to fall,” Tella stated.




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