Naira falls marginally at investor’s window

The Naira on Wednesday dipped slightly against the dollar at the investor’s window, closing at N388.7 to a dollar from N388.50 traded on Tuesday.

Market turnover at the investor’s window stood at 29.77 million dollars, shedding 8.95 million dollars from 38.72 million dollars recorded on Tuesday, representing 23.11 per cent decrease.

Trading at the official Central Bank of Nigeria window showed the Naira traded at N381 to a dollar.

The Nigerian currency, however, exchanged at N472 to a dollar at the parallel market in Lagos, while the Pound Sterling and the Euro closed at N578 and N530.

The News Agency of Nigeria (NAN) reports that since the COVID-19 pandemic and the shortfall in proceeds from the sale of oil, a critical segment of the FX market, Bureau De Change operators never received their weekly FX interventions from the Apex bank.

Nigeria operates a multiple exchange rate policy and efforts at unification of rates has become a challenge that the regulatory authorities need to surmount. (NAN)