Naira plunges further as CBN resumes dollar sales to BDCs next week

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Naira plunges further as CBN resumes dollar sales to BDCs next week

The Naira on Friday depreciated additional on the parallel market as greenback shortage worsened, the Information Company of Nigeria (NAN) experiences.

Naira could also be seeing its worst instances because the CBN shall be resuming greenback gross sales to Bureau De Change (BDC) operators subsequent week.

The Nigerian foreign money exchanged at N497 to a greenback on the parallel market, dropping two factors from Thursdays posting; whereas the Pound Sterling and the Euro traded at N597 and 515 respectively.

On the BDC window, the Naira was offered at N399 to a greenback, whereas the Pound Sterling and the Euro closed at N600 and N515, respectively.

Buying and selling on the interbank market window noticed the Naira closed at N305.00 to a greenback.

Alhaji Aminu Gwadabe, President, Affiliation of Bureau De Change Operators of Nigeria (ABCON), expressed the hope that the Naira would bounce again subsequent week.

Gwadabe mentioned that the CBN could be promoting about 25 million dollars to BDCs subsequent week and this might undoubtedly assist in lowering liquidity problem within the Market.

He urged Nigerians to not panic because the CBN was working intently with the BDCs to make sure that the Naira recovers shortly.

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  1. Pingback: Naira plunges further as CBN resumes dollar sales to BDCs next week – naijaextrablog Friday, January 13, 2017

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