FOREX: Naira Crashes Further At Parallel Market

FOREX Naira Crashes Further At Parallel Market
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The Nigerian Naira, on Thursday, plunged further at the parallel market against the dollar exchanging for ₦562 to $1.

It lost ₦6 from ₦562 traded on Wednesday to exchange at ₦568 to the dollar, while the Pound Sterling and the Euro closed at ₦774 and ₦660, respectively.

Trading at the official Investors and Exporters window saw the Naira closing at ₦410 to the dollar as at Wednesday, while the Pound Sterling and the Euro closed at ₦567.67 and ₦485.53, respectively.

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

Read Also: Naira Slumps To Record ₦540 Per US Dollar

Africa Daily News, New York reports 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.

 

AFRICA DAILY NEWS, NEW YORK

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