Some BDCs Out Of Business As Naira Inches Towards Convergence

PIX: Naira and Dollar Notes

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Naira and Dollar Notes

 

The naira on Wednesday appreciated against the dollar at the parallel market, exchanging at N363 to the dollar from the N364 posted on Tuesday.

The pound sterling and Euro closed at N477 and N428 to the naira, respectively.

At the Bureau De Change window, the naira was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively.

Trading at the investors’ window saw the naira closing at N367.50 to the dollar.

Traders expressed optimism that the interventions by the CBN at the market were capable of closing the gap further between the rates at the parallel market and other segments.

Not all the BDCs in the South West bought foreign exchange from the weekly auction on Tuesday.

A credible BDC source said on condition of anonymity that since the near convergence of rates many BDCs were trading at a loss.

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