Naira Down to N466/$ at Parallel Market

The Naira, on Thursday, October 27, depreciated to N466 to the U.S dollar in the parallel market, compared to the rate of N460 at which it traded for on Wednesday.
This depreciation has prompted the Central Bank of Nigeria, CBN, to meet with Bureaux De Change, BDC operators and Travelex to evolve measures to halt the persistent slide of the currency, Vanguard reports.
The Nigerian currency shed N11 against the dollar this week, up from N455 per dollar at the close of business last week.
According to BDC sources, the persistent depreciation of the naira ths week was due to a host of factors chief of which was the supply of dollars from Travelex, which has been limited to BDCs in Lagos.  Also, the weekly dollar sale of $15,000 by Travelex to each BDC was delayed yesterday aggravating the naira depreciation.
The currency however traded at N305.50 to the dollar on the official interbank window due to support from the central bank.

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