Saturday 4 March 2017



Not Good! Naira Depreciates Further Against the Dollar...See Latest Exchange Rate

After recording an early success against other currencies, the naira has depreciated further despite the intervention by the CBN.

Bundles of naira note
 
The Naira on Friday depreciated against the dollar at the parallel market after posting days of appreciation, the News Agency of Nigeria (NAN) reports. The nation’s currency lost N7 to exchange at N465 to a dollar after closing at N458 on Thursday, while the Pound Sterling and the Euro traded at N542 and N480.
 
At the Bureau De Change (BDC) window, the Naira traded at N399 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
 
NAN reports that the CBN injected over 500million dollars 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 (ABCON), said there was 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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Reliance Training and Management Consulting, a dynamic, fast growing indigenous entity, was established and duly registered with the aim to nurture, develop and innovate people and organisations through customized training, development and management consulting services, with excellent performance, deep sense of commitment, transparency, honesty and responsibility, to demonstrate the highest standard of technical and operational expertise.
 


 
Reliance is competently positioned to provide technical knowledge and skills relevant to practical management and business problems, to stimulate the creativity and innovation necessary to build a better community, a better nation and a better world with a committed mind set to contributing our best to the maximization of personal potentials and skills toward optimizing productivity and achieving organisational goals.
 
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