Nigeria’s Naira slumps to N395/$ at the black market

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(FILES) This file photo taken on January 28, 2016 shows shows naira banknotes, Nigeria's currency, in Lagos. Nigeria's shortage of foreign currency nightmare goes on and affects now the whole country's economy. / AFP PHOTO / PIUS UTOMI EKPEI

The naira on Monday depreciated further at the black market in spite of the recent commitment of the CBN to boost liquidity in the market, the News Agency of Nigeria (NAN) reports.

The naira lost two points to exchange at N395/$ from N393 which it recorded on Friday, while the pound sterling and the Euro closed at N480 and N415, respectively.

At the Bureau De Change (BDC) window, the naira was sold for N362/$, while the Pound Sterling and the Euro closed at N483 and N430, respectively.

Trading at the interbank market saw the naira closed at N306.3/$.

Traders at the market expressed optimism that the naira would bounce back as the CBN continued to boost liquidity at the interbank market and the BDC sector in the week.

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) revealed that the apex bank had reduced the time lag between the funding of their accounts and the disbursement of foreign exchange.

Gwadabe said that with more liquidity at the BDC window and effective distribution of foreign exchange, the naira was well positioned to bounce back.

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