Naira Slides to N492 at Parallel Market

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  • Naira Slides to N492 at Parallel Market

The Naira continued to depreciate against the greenback at the parallel market as demand for the dollars outstrips forex liquidity.

The local currency slid N2 from N490 it traded on Tuesday to N492 a dollar on Wednesday.

While the Pound and the Euro closed at N605 and N505 respectively.

At the Bureau De Change segment, the Naira traded at CBN stipulated rate of N399 to a dollar, both the Pound and the Euro closed at N604 and 510 respectively.

The official interbank market remained stable, with the Naira exchanging at N305.25 to a dollar.

The President of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has hailed the newly proposed abolition of the parallel market.

“The scrapping of multiple markets outside the purview of the CBN will be a welcome development.

“The existence of multiple rates is highly unacceptable,’’ Gwadabe said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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