Naira Falls Further To N395 Per Dollar Today (See Details)

The naira on Monday depreciated further at the underground market regardless of the dedication of the CBN to lift liquidity in the market, the News Agency of Nigeria (NAN) reports.

The naira lost two focuses to trade at N395 to the dollar from N393 recorded on Friday, while the pound sterling and the Euro shut at N480 and N415, individually.

At the Bureau De Change (BDC) window, the naira was sold for N362 to the dollar, while the Pound Sterling and the Euro shut at N483 and N430, individually.

Exchanging at the interbank advertise saw the naira shut at N306.3 to the dollar.

Merchants at the market communicated good faith that the naira would ricochet back as the CBN kept on boosting liquidity at the interbank showcase and the BDC area in the week.

In the mean time, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) said that the pinnacle bank had decreased the time slack between the financing of their records and the payment of outside trade.

Gwadabe said that with greater liquidity at the BDC window and powerful circulation of remote trade, the naira was all around situated to skip back.