Naira maintains N361 per dollar at parallel market

Posted by Grand News | 19 October 2017 | 953 times

The Naira on Wednesday exchanged at N361.50 to the dollar at the parallel market, maintaining same rate for the past one-week. The Pound Sterling and the Euro traded at N475 and N425, respectively. NAN  reports that at the Bureau De Change (BDC) window, the naira was sold at N361.50, while the Pound Sterling and the Euro closed at N475 and N425, respectively. Trading at the investors’ window saw the naira closed at N360.27.

Traders said that activities at the market had remained dull as very few customers were patronising them. Meanwhile, a credible BDC source revealed that only about 1000 of its members bided for dollars on Monday because they had been selling at a loss for some months. It was reported that BDCs buy dollars at N360 from the CBN and sell at N362 per dollar.

Following the drop in rate to N362, BDCs had been selling at a loss, leading to the boycott of the CBN window by some BDCs. (NAN)

Source: Grand News

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