The Nigerian Online Newspaper

Naira maintains rate to dollar at parallel market

The Naira on Wednesday exchanged at N361.50 to the dollar at the parallel market, maintaining same rate for the past one week, the News Agency of Nigeria reports.
The Pound Sterling and the Euro traded at N475 and N425 respectively.
At the Bureau De Change window, the naira was sold at N361.50, while the Pound Sterling and the Euro closed at N475 and N425 respectively.
Trading at the investors’ window saw the naira closed at N360.27.
Traders said activities at the market had remained dull as very few customers were patronising them.
Meanwhile, a credible BDC source told NAN that only about 1,000 of its members bided for dollars on Monday because they had been selling at a loss for some months.
NAN reports that BDCs buy dollars at N360 from the CBN and sell at N362 per dollar.
Following the drop in rate to N362, BDCs had been selling at a loss, leading to the boycott of the CBN window by some BDCs.