Bundled of Nigerian naira
There are indications that the Nigerian naira will continue to post
rapid recovery next week after gaining a whopping 12.36 % gain in one
week.
The Naira recorded an appreciation of 12.36 per cent at the parallel market in the last one week.
The News Agency of Nigeria reports that the Naira traded at N440 last Monday while it closed at N390 to the dollar on Friday.
In the week under review, experts commended the Central Bank of
Nigeria (CBN) for its intervention at the foreign exchange market, but
appealed to the apex bank to eliminate the multiple rates in the market.
As the Naira continues to appreciate, experts say it is necessary
for the CBN to adjust applicable rates in different segments of the
market in the overall interest of the economy.
Alhaji Aminu Gwadabe, President, Association of Bureau De Change
Operators of Nigeria (ABCON), said CBN-licenced BDCs incurred regulatory
losses of N130 million in the week under review.
Gwadabe said that the losses came from the CBN’s disparity in applicable exchange rates among players in the market.
According to him, the public has refused to buy foreign exchange
from BDCs for invisibles such as medicals, school fees, and personal and
business travel allowances at a rate above N375 to the dollar.
The financial expert urged the CBN to promptly address the issue.
The CBN had injected over 1.5 billion dollars to the interbank market since it started its intervention in February.
-NAN
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