Naira gains ground on Yuletide, trading at 570/dollar.

Naira gains ground on Yuletide, trading at 570/dollar.

Naira gains ground on Yuletide, trading at 570/dollar.

Advertisements

NewsReport gathered that on Tuesday, the dollar was sold for N570 in the parallel market, continuing the naira’s downward trend.

According to operators who spoke with our correspondent, the dollar was bought and sold for N567 and N570 on Tuesday, compared to N550 and N555 three weeks earlier.

Some Bureau de Change Operators attributed the naira’s further depreciation to increased demand for the US dollar.

In addition, the British pound sterling was bought and sold for N740 and N745.

The CBN had stopped selling foreign exchange to licensed BDCs in July of this year, leaving the operators to source their own forex.

Prior to the suspension of forex sales, the CBN provided $10,000 to each BDC twice a week.

The naira fell 0.18 percent in the Importer & Exporter forex window.

At the Importer & Exporter forex window, the naira fell by 0.18 percent to close at N414.8/$1 after plunging to N444/$.

The CBN retained its official rate on its website at N411.73.

The Organised Private Sector of Nigeria said on Tuesday, “In the last few months after our last press conference, the exchange rate has remained unstable with the dollar exchanging at N410 at the official rate and about N575 at the parallel market.

“The unemployment rate remained uncomfortably high and prices of foods and other commodities going out of the reach of average Nigerians.”