Naira Grows by 12.36% in 5 Days

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By Dipo Olowookere

In the last week, the Naira grew by 12.36 percent at the parallel market, opening at N440 on Monday and closing at N390 per Dollar.

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.

Since it started its intervention in February 2017, the CBN has injected over $1.5 billion into the interbank market.

President of Association of Bureau de Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, told the News Agency of Nigeria (NAN) that CBN-licenced BDCs incurred regulatory losses of N130 million in the week under review.

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.

According to Mr Gwadabe, the losses came from the CBN’s disparity in applicable exchange rates among players in the market.

The public has refused to buy foreign exchange from BDCs for needs such as medicals, school fees, and personal and business travel allowances at a rate above N375 to the Dollar and urged the CBN to promptly address the issue.

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