Naira Sustains Loss Against Dollar

The Naira on Tuesday sustained its loss against the dollar at the parallel market. This was in spite of the Central Bank of Nigeria (CBN)’s intervention at both the interbank market and Bureau De Change (BDC) window. Newsmen report that the naira on Tuesday afternoon exchange between N405 (buying rate) and N410 selling rate at the parallel market. Newsmen report that it was weaker than N405 traded on Monday. CBN & Exchange rate: Naira & Dollar Also, the Pound Sterling and the Euro closed at N490 and N430 respectively. At the BDC window, the Naira was sold at N362 to a dollar, while the Pound Sterling and the Euro traded at N500 and N428 respectively. Trading at the interbank market saw the Naira closed at N306.20 to the dollar. A currency trader told newsmen that dollar had remained scarce in the market in spite of the injection of foreign exchange at the interbank market and the BDC window.

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