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Naira Depreciates Further As Dealers Await New Foreign Exchange Regime

The naira yesterday weakened further against the dollar at the parallel market as currency dealer await new foreign exchange regime from the Central Bank of Nigeria (CBN).

Naira lost N5 or 1.4 percent each against dollar at the autonomous market and parallel market. It closed at N350/$ compare with N345/$ last week Friday at the autonomous market. At the parallel market, it closed at N355/$ from N350/$ traded last week Friday.

The local currency remained stable at the CBN’s clearing rates at the inter-bank market. There was little or no activities at the Bureau De Change (BDC) following the stoppage of dollar sell to operators by the CBN.

Aminu Gwadabe, acting president, Association of Bureau De Change Operators of Nigeria (ABCON), said the operators were waiting for the new foreign exchange regime that would encourage more activity at the inter-bank market.

He said the average price of N285/$ for sourcing of foreign exchange had intensified speculating activities and currency hoarding in the market.

Gwadabe told BusinesssDay by phone that foreign exchange at inter-bank market should be made flexible to allow investors bring in more dollars.

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Posted By cheatmaster On 01:20 Tue, 17 May 2016

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