The Naira on Wednesday depreciated further against the dollar amid last minute perfection of documentation by Bureau De Change operators for return to sales of foreign currencies, the News Agency of Nigeria reports.
The Nigerian currency lost one point to exchange at N394 to the dollar at the parallel market.
It traded at N505 and N440 against the Pound Sterling and the Euro respectively.
At the BDC segment of the market, the naira exchanged at N393, N504 and N437 to the dollar, Pound Sterling and the Euro respectively.
However, the naira appreciated at the official interbank market as it closed at N314.14 from N324.4 it posted in Tuesday.
Traders at the market said the perfection of documentation by BDCs was holding the naira from crashing further at the parallel market.
Meanwhile, Harrison Owoh, a BDC operator, said few banks have begun the sale of forex to some BDCs.
Owoh said the increase in the forex allocated to BDCs by the apex bank was in the right direction.
He said the Central Bank of Nigeria’s decision was “a futuristic comment targeted at stifling the invisible hand of currency speculators”.
He added that the increase was part of the CBNs decision to ensure a robust and sustainable forex supply in the market.
NAN reports that the CBN rose from its bankers committee meeting on Tuesday and announced the increase in weekly forex sales to BDCs from $30,000 to $50,000.
NAN.
