Naira records 12.36 % rise in one week

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The Naira recorded an appreciation of 12.36 per cent at the parallel market in the last one week.

The Naira traded at N440 last Monday while it closed at N390 to the dollar on Friday.

In the week under review, experts commended the Central Bank of Nigeria (CBN) for its intervention at the foreign exchange market, but appealed to the apex bank to eliminate the multiple rates in the market.

As the Naira continues to appreciate, experts say it is necessary for the CBN to adjust applicable rates in different segments of the market in the overall interest of the economy.

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said CBN-licenced BDCs incurred regulatory losses of N130 million in the week under review.

Gwadabe said that the losses came from the CBN’s disparity in applicable exchange rates among players in the market.

According…

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