Naira further depreciates to exchange at N498/$1

The Naira on Thursday remained indifferent to the sale of over 250 million dollars to licensed Bureau De Change (BDC) operators nationwide as it suffered another loss against the dollar.


The Naira inched against the dollar at the early hours of Thursday morning by 2 points but could not sustain the gain as it shed 3 points to close at N498 to a dollar at the open market.

The Pound Sterling and the Euro traded at N596 and N520, 

respectively, at the open market.

At the BDC window, the Naira exchanged at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N599 and N522, respectively.

Trading at the interbank market saw the Naira weakening further as it closed at N305.50, from the N305.25 it recorded on Wednesday.

Traders at the market were hopeful that the Naira would bounce back as quickly as possible.

They, however, noted that the Naira was waging a guerilla-like war against speculators who manipulate the market for their selfish ends.

It will be recalled that CBN officials  met bureau de change(BDC) operators  last week to try to find ways to eliminate the gap between the official and black market dollar rates.

The naira lost a third of its official value against the dollar in 2016 after the bank scrapped a peg in a bid to alleviate dollar shortages.

On the black market, the naira is worth about 40 per cent less than the official rate. It closed at N490 to the dollar.