Naira consolidates strength against dollar

The Naira on Friday in Lagos consolidated its position against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency on Friday afternoon exchanged between N380 (buying rate) and N390 (selling rate), stronger than N400 recorded on Thursday, while the pound sterling and Euro closed at N490 and N430.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to the dollar, while the pound sterling and the Euro were sold at N500 and N400.

The Nigerian currency appreciated at the interbank market, closing at N307 to the dollar, from N308 posted on Thursday.

Traders at the market said liquidity boost at the interbank market by the CBN was fast forcing the rate down at the market.

Meanwhile, Alhaji Aminu Gwadabe, the President of the Association of Bureau De Change Operators of Nigeria (ABCON), said CBN-licenced BDCs would incur regulatory losses of N130 million this week.

Gwadabe told NAN that the losses were coming from 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, personal and business travel allowances at a rate above N375 to the dollar.

The financial expert urged the CBN to promptly address the issue.