Naira depreciates further at investors’ window

The Naira on Thursday, depreciated further at the investors’ window, exchanging at N360.31 to the dollar, our correspondent reports.

The Nigerian currency lost 15 kobo from N360.16 traded on Wednesday.

The naira also dipped at the parallel market, selling at N363 to the dollar while the Pound Sterling and the Euro closed at N515 and N445.

Trading at the Bureau De Change (BDC) segment saw the Naira closed at N362 to the dollar while the Pound Sterling and the Euro closed at N515 and N445.

The Naira traded at N305.6 to the dollar at the CBN window.

Meanwhile, traders at the BDC segment said they had been experiencing liquidity squeeze, adding that some BDCs had been technically edged out of the CBN window due to operational loses.

It was reported that some employees of BDCs have been laid-off as a consequence of the liquidity squeeze, thereby increasing the number of the unemployed at the labour market.

However, CBN had continued to inject foreign exchange into the market to defend the Naira from the antics of currency speculators.

In 2017 alone, CBN injected about 16 billion dollars to the FOREX market.