Wednesday 26th July, 2017
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Dollar continues to crash at parallel market as Naira appreciates

Dollar continues to crash at parallel market as Naira appreciates

Following the Cen­tral Bank of Nige­ria (CBN) new ac­tion policy on foreign exchange, the dollar has continued on its downward drive.

The Naira yester­day sustained its gains against the dollar as the injection of forex by the CBN has forced a crash in the price of the greenback.

In Lagos, the na­tion’s financial capital, the Naira exchanged at N460 to a dollar at the parallel market, which is a gain of 40 points from N500 which it recorded the previous day.

A similar fate has also befallen the Pound Sterling and the Euro both of which traded at N575 and N480 re­spectively yesterday.

The Naira closed at N399 to a dollar at CBN controlled price at the Bureau de Change win­dow while the Pound Sterling and the Euro exchanged at N610 and N520 respectively. The Naira closed trading at N305.50 to a dollar at the interbank window.

Meanwhile, the Pres­ident, Association of Bureau De Change Op­erators of Nigeria (AB­CON) Alhaji Aminu Gwadabe, has said that currency speculators could lose billions of Naira to the new forex policy if the trend con­tinues.

According to him, the speculators were already overwhelmed by the policy as they were taken by surprise by the move of the apex bank.

Traders at the mar­ket look forward to the Naira selling for less than N400 to a dollar if the boost in liquidity by the CBN was sustained.

 

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