Naira Weakens To N490 per Dollar at Parallel Market

The Naira yesterday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break.

The News Agency of Nigeria (NAN) reports that the Naira lost five points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and 502, respectively.

At the Bureau De Change (BDC) Window, the Naira traded at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N602 and N510, respectively.

The Naira traded at N305.25 to a dollar at the official interbank market. Traders at the market said that the scarcity of forex was still exerting pressures on the Naira.

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) said the pressure on the Naira was disturbing and dangerous to investment, output and employment.

Gwadabe called for harmony between the fiscal and monetary policies in addressing the woes of the Naira. “There is the need for concerted collaboration among both the fiscal, monetary policy makers and the operators in the economy to address this monster facing the economy. “I must confess that I am disturbed and worried,’’ Gwadabe said.