The Naira on Wednesday depreciated to N360.16 to the dollar at the investor’s window, losing 70kobo from N360.09 traded on Tuesday.
Trading at the parallel market saw the naira closed at N362 to the dollar, while the Pound Sterling and the Euro closed at N514 and N445, respectively.
At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N514 and N445, respectively.
The Nigerian currency traded at N305.60 to the dollar at the official Central Bank of Nigeria (CBN) rate.
Currency traders decried low patronage at the market. TBI Africa reports that the introduction of the investors’ window had helped in boosting liquidity to the foreign exchange market, giving investors an opportunity to trade.
Meanwhile, a recent report by KPMG titled “Top 10 Business Risk 2018/2019’’ noted that FOREX risk, among other risks, remained a threat to the nation’s economy.
According to the report, Nigeria is still behind the levels of foreign exchange liquidity generated from exports proceeds and capital flows in 2013, “in spite of improved terms of trade and significantly higher capital inflows which helped ease FOREX availability and rate stability in 2017’’.
