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Naira sustains fall at parallel market

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Naira exchanges at N359.4 to dollar at parallel market

The Naira on Thursday dipped further at the parallel market in Lagos against the dollar.

It lost N6 from N562 traded on Wednesday to exchange at N568 to the dollar, while the Pound Sterling and the Euro closed at N774 and N660, respectively.

Trading at the official Investors and Exporters window saw the Naira closing at N410 to the dollar as at Wednesday, while the Pound Sterling and the Euro closed at N567.67 and N485.53, respectively.

Data from the CBN also showed the Naira exchanged at 0.739 Kobo to the CFA.

It was reported that while the CBN is working hard to reduce inflation, experts believe a lot needs to be done in the management of the exchange rate.

The CBN had a few months ago stopped the sale of FOREX to the Bureau De Change sector of the market, citing regulatory infractions by some of the members of the currency traders.

However, the impact of the ban is far from strengthening the naira against the dollar.

Fabian Ekeruche

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective.A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour.The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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