​Naira falls again, sells at N465 per dollar

​Naira falls again, sells at N465 per dollar
The Naira on Friday depreciated against the dollar at the parallel market after posting days of appreciation .

The nation’ s currency lost N7 to exchange at N 465 to a dollar after closing at N 458 on Thursday , while the Pound Sterling and the Euro traded at N542 and N480 .

At the Bureau De Change window , the Naira traded at N 399 to a dollar , CBN controlled rate, while Pound Sterling and the Euro closed at N610 and N520 .

Trading at the interbank market saw the Naira sold at N305 . 25 to a dollar

The CBN injected over $ 500 m into the market , to boost liquidity , but the Naira continued to depreciate .

Traders in the market expressed concern about the depreciation of the Naira in spite the gains earlier recorded.

Alhaji Aminu Gwadabe , President , Association of Bureau De Change Operators of Nigeria , said there was the need for a review of the distribution mechanism .

“ Many banks are selling to only clients with current accounts and not to savings account holders and there is also increasing demand for forex from our neighbouring countries .

“ The different applicable exchange rates and volumes with Travelex and banks need to be harmonised and with that of BDCs to reduce friction , ” Gwadabe said .

( NAN)

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