Inspite of the injection of hundreds of millions of dollars into the Nigerian foreign exchange market by the CBN over the last few weeks, the Naira continues to weaken in the parallel market after rising in the first few weeks of the interventions.
The Naira 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.
Trading at the interbank window saw the Naira close 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.
Meanwhile, Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, said that the additional injection of $10,000 by the CBN to BDCs would help to checkmate speculation.
Mr. 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.
The CBN, last week, stated that it had increased the volume of dollar sold to BDCs from 8,000 to 10,000 dollars bi-weekly.
Courtesy: PREMIUM TIMES
All this falls back on the masses who have to pay more just to eat and enjoy other goods and services.
Too bad for Naija
They should continue to make effort. This is an economic situation that will need time to be amended.