The naira crashed to N390 to the dollar on the parallel market wednesday, lower than the N382 to a dollar from the previous day.
A currency analyst, who preferred to
remain anonymous, blamed the continuing slide of the nation’s currency
on the parallel market to demand pressure.
According to him, demand for FX for most
of the 41 items that had been excluded from the interbank market was
still being met with dollars bought from the parallel market.
The source also attributed the
development to the fact that banks that act as agents of international
money transfer operators were yet to comply with a Central Bank of
Nigeria (CBN) directive instructing them to sell foreign currency
remittances to licensed bureau de change (BDC) operators.
On the interbank market, on the other
hand, the naira strengthened to N311.03 to the dollar yesterday, higher
than the N316.83 to a dollar from the previous day.
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