Naira Slips Further Against Dollar


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The naira has taken a huge blow and has thus slipped further against the dollar in both the parallel and black markets.

The slide comes after the introduction of Travelex which is expected to aid in faster distribution and boost forex sales.

The naira at the interbank market lost 53 kobo to close at N308.32 as against the value of N307.39 which was recorded at the close of market on Friday.

Naira at the Bureau De Change however exchanged for N445 against the dollar signifying it lost 5 points while it traded for N565 against the Pound Sterling and N480 against the Euro.

However, the President of the Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe noted that BDCs were very much interested in doing business with Travelex as a platform for forex sales adding that the shortage of forex in the market is responsible for the continued slide of the naira.

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