Dollar Batters Naira Further

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The Nigerian Naira was battered further today by the US dollar and other currencies as it crashed to N478 in the unofficial market.

It traded at N475 on Wednesday, as scarcity of the Greenback in the official market created pressure in the parallel market.

The Naira also lost grounds with the Sterling and Euro.

The buy and sell rate for British pound, according to abokifx was N605-N620.

The rate was N600-N607 as at Wednesday. Thus it appreciated 2.14 percent.

The Euro also gained 1.44 percent on the Naira, buying and selling at N555-N565.

Up till 16 November, the Euro rate was N545-553.

The depreciation of the Nigerian currency was despite the $1billion sold by CBN to BDCs since late September.

The CBN official rate for the Naira pegs it at N380 to a dollar on Thursday.

The Pound is N504.52 and Euro N451.174, thus creating a N100 gap between official and unofficial rates.

On Thursday, the CBN clarified to banks and all authorised forex dealers what it means by ‘destination payment for all Form Ms, letters of credit and other forms of payment.

– P.M News

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