FOREX: Naira sustains fall at parallel market | Dailytrust

FOREX: Naira sustains fall at parallel market

Forex
Forex

The Naira, on Thursday, dipped further at the parallel market in Lagos against the dollar.

It lost N6 from N562 traded on Wednesday to exchange at N568 to the dollar, while the Pound Sterling and the Euro closed at N774 and N660, respectively.

Trading at the official Investors and Exporters window saw the Naira closing at N410 to the dollar as at Wednesday, while the Pound Sterling and the Euro closed at N567.67 and N485.53, respectively.

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

NAN 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. (NAN)

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
1017257739
Media Trust Ltd


Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Inquiries:
Email: membership@dailytrust.com
Whatsapp: +234 806 990 3410