Naira weakens to N490/$ at parallel market

Bureau De Change
Bureau De Change

The Naira on Wednesday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break.

The News Agency of Nigeria reports that the Naira lost 5 points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and 502, respectively.

At the Bureau De Change (BDC) Window, the Naira traded at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N602 and N510, respectively.

The Naira traded at N305.25 to a dollar at the official interbank market.

Traders at the market said that the scarcity of forex was still exerting pressures on the Naira.

Meanwhile, Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, ABCON, said that the pressure on the Naira was disturbing and dangerous to investment, output and employment.

Mr. Gwadabe called for harmony between the fiscal and monetary policies in addressing the woes of the Naira.

“There is the need for concerted collaboration among both the fiscal, monetary policy makers and the operators in the economy to address this monster facing the economy.

“I must confess that I am disturbed and worried,” Mr. Gwadabe said.

(NAN)


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  • DOLLAR EXCHANGE RATE IN A SINGLE
    ECONOMY
    1) Pilgrims rate N197/$,
    2) Customs rate N285/$,
    3) Budget rate N305/$,
    4) Interbank rate N315/$,
    5) Fuel Imports rate N316/$,
    6) International Card rate N319/$,
    7) Travelex rate N345/$,
    8) Special Funds Airlines N355/$,
    9) Western Union N375/$,
    10) BDC N399/$,
    11) Black Market rate N492/$.
    12) overseas offshore rate N485/ $
    13) CBN official rate N304/ $.
    Who can beat this record; a Country with
    13 different Exchange Rates for different
    purposes. How can you say Naira appreciated or depreciated when you don’t know the rate to reference it against??? Emefieli & his moronic CBN are working against Buhari government!!!!!

    • princegab

      Saboteurs ensconce in cbn. For a better economy in 2017, Emefiele must go. Declare FX black market illegal and close all non corporate domicilary accounts.