Naira slips further against Dollar at N357 exchange rate


The Naira on Wednesday, July 13, slid further against the dollar at the parallel market, losing 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, the News Agency of Nigeria, NAN, reports.

At the official interbank window, the Naira closed at N283.42 to a dollar and 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.

Gwadabe said 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.

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