ADS1

Total Pageviews

Thursday, 6 April 2017

Latest Update: Naira Weakens At Parallel Market


Current news update as the Naira on Wednesday, weakened against the Dollar at the parallel market, the News Agency of Nigeria (NAN) reports.


It is gathered that the Nigerian currency lost 8 points to exchange at N398, weaker than N390 recorded on Tuesday, while the Pound Sterling and the Euro closed at N485 and N415.

At the Bureau de Change (BDC) window, the Dollar was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430.

At the interbank window, the Naira closed at N306.2 to the Dollar.

Traders at the market said that they expected the Naira to
appreciate by Thursday as BDCs gets additional dollar allocation from CBN.

READ: Why Naira Falls -Expert

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said that the additional injection of $10,000 by the CBN to BDCs would help to checkmate speculation.

Gwadabe said that CBN’s action justified its determination to continue to strengthen the Naira and get it out of the grips of speculators and hoarders.

NAN reports that CBN, last week, stated that it had increased the volume of Dollar sold to BDCs from 8,000 to 10,000 dollars bi-weekly.

The apex bank hoped to stabilise the Naira exchange rate through its interventions at the foreign exchange market.

No comments :

Post a Comment

Disclaimer: All the comments on this blog are the personal opinions of those who have comment it (commentators)

--------------------------------------------------------------------------------------------

Advertise with us: TEL: +2348063141927 E-mail: enyinnayaemma@gmail.com

-------------------------------------------------------------------------------------

Send us your Articles, Stories, News update, jokes..Tip-off
To enyinnayaemma@gmail.com

-------------------------------------------------------------------------------------

PLEASE DO VISIT OUR ONLINE PREMIUM NEWSPAPER SITE via www.mynationnews.com


---------------------------------------------------------------------------

READ EDUCATION NEWS via
www.nigerianedu.com
-----------------------------------------------------------------------------

Visit Our Tech Blog via www.ideasflame.com

ADVERTISEMENT

ADS

ShareThis

LinkWithin

Related Posts Plugin for WordPress, Blogger...

Nigerian Education Updates