However, traders at the market are optimistic that the Naira will sustain gains at the market by next week as Travelex commences the sale of forex to BDCs
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Traders at the market said the scarcity of the greenback was still haunting the market
The Nigerian currency exchanged at N422 to the dollar, gaining three points from N425 it traded on Thursday, while the Pound Sterling and the Euro closed at N535 and N464 respectively
Traders said scarcity of foreign exchange was still taking toll on the market
Traders at the market said the market had remained unstable as the directives and counter-directives of the Central Bank of Nigeria on foreign exchange sale was affecting liquidity flow
At the BDC segment of the market, the naira exchanged at N393, N504 and N437 to the dollar, Pound Sterling and the Euro respectively
In an interview with the News Agency of Nigeria in Lagos, the Managing Director of H J Trust and Investment Limited, said seven banks had already done documentation for customers
The Nigerian currency closed at N385 to the dollar from N390 it exchanged on Thursday, while it traded against the Pound Sterling and the Euro at N505 and N420 respectively
At the Bureau De Change segment of the market, the naira hedged against the dollar, the Pound Sterling and the Euro as it closed at N390, N500 and N420 respectively, from N395, N510 and N426 posted on Tuesday
NAN reports that the Central Bank of Nigeria had, in a circular, directed Deposit Money Banks to resume the sale of Forex from proceeds of international money transfers to BDCs
The naira weakened further against the Pound Sterling but retained its rate with the Euro as it exchanged for N492 and N413, from N490 and N413 it posted on Tuesday
They said activities at the market was slow as industry players watched keenly in anticipation of the outcome of the Monetary Policy Committee meeting of the Central Bank of Nigeria that was underway in Abuja
However, the Nigerian currency maintained losses at N375, N485 and N405 respectively against the dollar, pound sterling and the euro at the Bureau de Change segment of the market
The naira also maintained N478 to the Pound Sterling it posted on Tuesday, but weakened further against the Euro as it traded at N402 to a Euro, from N400 it exchanged on Tuesday
However, the naira weakened further against the Pound Sterling, but maintained same value with the Euro as it exchanged at N475 and N400 respectively, from N470 and N400 it traded on Friday
Meanwhile, some financial experts have called on the Central Bank of Nigeria to open a small window of transaction for Bureau de Change operators in the new forex regime
Traders at the market remarked that the greenback was still scarce in spite of the intervention of the apex bank at the interbank segment of the market
Traders at the market said the consolidated appreciation of the Naira at the market reflected the impact of the flexible exchange rate
Traders at the market attributed the rise in the value of the naira to the fall out of the implementation of the flexible exchange rate policy by the Central Bank of Nigeria
Traders at the market attributed the unstable nature of the Naira to the scarcity of the greenback and hoarding of foreign exchange by currency speculators