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[quote author=Miss Ifeoluwa link=topic=5815.msg5936#msg5936 date=1472723213]
[img width=297 height=200]https://www.360nobs.com/wp-content/uploads/2016/06/Naira-and-Dollar-640x431.jpg[/img]

The naira appreciated against the dollar at the interbank, on Wednesday, closing at N316.24 to the dollar, at the segment from N338.96 it traded on Tuesday, August 30, 2016.

While at the Bureau De Change (BDC), the naira exchanged at N413, N530, and N460 against the dollar, pound sterling and the Euro, respectively, the News Agency of Nigeria (NAN) reports.

However, at the parallel market, the local currency traded at N420, N535 and N461 against the dollar, Pound Sterling and the Euro, respectively.

This is against the N418, N531 and N461 to the dollar, pound sterling and Euro, it traded respectively at the parallel market on Tuesday.

Traders said that scarcity of foreign exchange was still taking toll on the market.

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said the dollar rate at the parallel market was unacceptable.

“Evil forces at the market under the mask of speculators are profiting from the hike in the dollar rate.”

It would be recalled, in a bid to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users, the Central Bank of Nigeria (CBN) licensed more International Money Transfer Operators (IMTOs) to operate in Nigeria.
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Topic Summary

Posted by: Miss Ifeoluwa

« on: September 01, 2016, 10:46:53 AM »

Insert Quote

The naira appreciated against the dollar at the interbank, on Wednesday, closing at N316.24 to the dollar, at the segment from N338.96 it traded on Tuesday, August 30, 2016.

While at the Bureau De Change (BDC), the naira exchanged at N413, N530, and N460 against the dollar, pound sterling and the Euro, respectively, the News Agency of Nigeria (NAN) reports.

However, at the parallel market, the local currency traded at N420, N535 and N461 against the dollar, Pound Sterling and the Euro, respectively.

This is against the N418, N531 and N461 to the dollar, pound sterling and Euro, it traded respectively at the parallel market on Tuesday.

Traders said that scarcity of foreign exchange was still taking toll on the market.

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said the dollar rate at the parallel market was unacceptable.

“Evil forces at the market under the mask of speculators are profiting from the hike in the dollar rate.”

It would be recalled, in a bid to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users, the Central Bank of Nigeria (CBN) licensed more International Money Transfer Operators (IMTOs) to operate in Nigeria.