Good news: Naira Gains 12.36 % In One Week

The Naira recorded an appreciation of 12.36 per
cent at the parallel market in the last one week,
newsmen report.

Newsmen report that the Naira traded at N440
last Monday while it closed at N390 to the dollar
on Friday.
In the week under review, experts commended
the Central Bank of Nigeria (CBN) for its
intervention at the foreign exchange market, but
appealed to the apex bank to eliminate the
multiple rates in the market.
As the Naira continues to appreciate, experts say
it is necessary for the CBN to adjust applicable
rates in different segments of the market in the
overall interest of the economy.

Alhaji Aminu Gwadabe, President, Association of
Bureau De Change Operators of Nigeria (ABCON),
said CBN-licenced BDCs incurred regulatory
losses of N130 million in the week under review.
Gwadabe told NAN that the losses came from the
CBN’s disparity in applicable exchange rates
among players in the market.
According to him, the public has refused to buy
foreign exchange from BDCs for invisibles such
as medicals, school fees, and personal and
business travel allowances at a rate above N375
to the dollar.

The financial expert urged the CBN to promptly
address the issue.
NAN further reports that the CBN had injected
over 1.5 billion dollars to the interbank market
since it started its intervention in February.
Stakeholders hope that the sustenance of the
CBN’s efforts at the interbank market will further
drive down the value of the dollar. 

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