Dollar Crashes to N400 as Euro Falls to N425
By Modupe Gbadeyanka
The free fall of the Dollar against the Naira continued on Wednesday at the parallel market when it was sold for N400.
This comes a day after the Central Bank of Nigeria (CBN) released the sum of $280 million into the foreign exchange market to boost supply of forex and also increased allocation to authorised Bureaux De Change (BDC) operators to $20,000 from $10,000.
The Naira opened for trading today at N407 to the Dollar and remained at that rate in the afternoon before appreciating by N7 to close the day at N400 per Dollar.
However, the Nigerian currency suffered a loss against the Pound Sterling when it lost N3 to close at N500 at the end of trading.
But against the Euro, one of the three major foreign currencies at the forex market, the Naira closed at N425 after opening at N430 today.
Business Post correspondent reports that this afternoon, the Naira had gained N10 against the Euro to trade at N420, but shed N5 later in the evening to finish at N425.
Traders believe the Naira will appreciate tomorrow as they await the second sale of $20,000 to licenced BDC operators by the apex bank.