Naira loses steam against dollar

The Naira on Friday depreciated against the dollar at the parallel market after posting days of appreciation, the News Agency of Nigeria reports.
The nation’s currency lost N7 to exchange at N465 to a dollar after closing at N458 on Thursday, while the Pound Sterling and the Euro traded at N542 and N480.
At the Bureau De Change window, the Naira traded at N399 to a dollar, the Central Bank of Nigeria-controlled rate, while Pound Sterling and the Euro closed at N610 and N520.
Trading at the interbank market saw the Naira sold at N305.25 to a dollar.
NAN reports that the CBN injected over $500 million into the market to boost liquidity, but the Naira continued to depreciate.
Traders in the market expressed concern about the depreciation of the Naira in spite the gains earlier recorded.
Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, said there was the need for a review of the distribution mechanism.
Gwadabe said: “Many banks are selling to only clients with current accounts and not to savings account holders and there is also increasing demand for forex from our neighbouring countries.
“The different applicable exchange rates and volumes with Travelex and banks need to be harmonised and with that of BDCs to reduce friction.”
NAN.