Naira suffers severe loss in all market segments

The Naira on Monday suffered a severe defeat against the dollar in all the major segments of the market.

At the interbank segment of the market, the naira lost 53 kobo to close at

N308.32, from N307.79 posted on Friday.

Trading at the Bureau De Change (BDC) showed that the naira lost 5 points to exchange at N445 against the dollar, while it traded for N565 and N480 against the Pound Sterling and the Euro respectively.

The naira also closed at N445, N559 and N484 to the dollar, Pound Sterling and the Euro at the parallel market.

Traders at the market fingered acute forex shortage of the greenback to the poor performance of the naira at the market.

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) assured that the BDCs were set to key into Travelex platform for forex sales.

Gwadabe said that biometric registration of BDCs and subsequent funding was ongoing, a move he said would lead the naira to the path of recovery.

DROP YOUR COMMENTS BELOW

Comments

WHAT'S HOT

Google’s AI Can Create Code Better Than The Researchers Who Made It

Google developed AutoML to be an artificial intelligence that could help humans create other self-learning systems.

The MS Paint App Is Now Coming To The Windows Store

Just when the world started mourning about the possible death of the image editing grandpa, MS Paint, Microsoft has showered some mercy upon the not so feature rich tool. Earlier, It was known that Microsoft was going to deprecate MS Paint after the release of

Best Android Cleaner Apps You Need To Try Out Now

Cache files pile up over time and need to be cleared. Also, junk from ads and image thumbnails take up a lot of space. Android cleaner apps do a good job of finding unnecessary files and

Reddit Transforms Into a Social Network But It Has Only ‘Three Users’

Reddit is working on social network-styled user profiles allowing Redditors to post content in their name and follow other profiles. Reddit’s co-founder Alexis Ohanian, Shitty_Watercolour, and Riot Games are the three users who have been given a profile each for the alpha testing. User profiles will roll out to all the users in the coming months.

9JABREEZELAND

Search This Blog