The naira on Thursday exchanged at N231/$ at the parallel market following a strong demand from importers who no longer access foreign exchange (EX) at the interbank market and Bureau De Change (BDC) segment.
The Central Bank of Nigeria’s (CBN) policy had restricted importers of certain items from accessing FX from the interbank market.
After trading on Thursday, naira depreciated in value against the dollar by N3 or 1.32 percent, closing at N231/$ at the parallel market compared with N228/$ the previous day, BusinessDay survey has revealed.
Similarly, at the BDC segment of the FX market, the local currency closed at N229/$ as against N226/$ the previous day, losing N3 or 1.32 percent.
However, at the interbank foreign exchange market, naira gained 0.28 percent against dollar as it closed at N198.15k, accord- ing to the data obtained from Financial Markets Dealers Quotations (FMDQ).
HOPE MOSES-ASHIKE
