Naira sustains free fall at parallel market

Dec 3 2018 - 8:37pm
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Naira- Dollar

The Naira on Monday sustained its free fall at the parallel market, defying attempts by the CBN to awash the market with liquidity.

It was sold at N369 to the dollar, while the Pound Sterling and the Euro closed at N480 and N412, respectively.

Investors bought the dollar for N364 with a market turnover of 24.01 million dollars.

At the Bureau De Change(BDC) window, the Naira traded at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N412 to the dollar, respectively.

Trading at the official CBN window saw the Naira closing at N306.85 to the dollar.

NAN reports that the apex bank announced a special intervention at the forex market, increasing the weekly sales to BDCs from 60,000 dollars to 75,000 dollars, a move that is targeted at boosting liquidity.

Meanwhile, Prof. Shetifdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, called for the inclusion of more items to the 41 banned items by the CBN.

Tella urged the CBN to only allocate dollars to things that would lead to the growth of the economy.

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