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The Nigerian Naira on Tuesday fell by 0.58% against United States Dollar to close at N306.78 in Interbank FX Market and 0.86% to N467.00 in parallel market as Travelex and First Bank of Nigeria Plc begin the sale of Forex to Bureau De Change operators in the North.
The Pound Sterling also depreciated by 5 points to close at N555 from N550 it closed on Monday, while Euro closed flat at N500 at the parallel market segment, according to data compiled by the AbokiFx website.
Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change believed that extension of forex sales to Abuja, Port harcourt and kano will address Liquidity challenges in the market.
He said that the BDCS in Abuja got 20,000 dollars each from the sale of Forex by First Bank on Tuesday, adding that Abuja environs would also benefit from the sale.
Related: Naira on Recovery Path As Travelex, Firstbank Begin Sales in Abuja, Kano, Port Harcourt
The Pound Sterling also depreciated by 5 points to close at N555 from N550 it closed on Monday, while Euro closed flat at N500 at the parallel market segment, according to data compiled by the AbokiFx website.
Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change believed that extension of forex sales to Abuja, Port harcourt and kano will address Liquidity challenges in the market.
He said that the BDCS in Abuja got 20,000 dollars each from the sale of Forex by First Bank on Tuesday, adding that Abuja environs would also benefit from the sale.
Related: Naira on Recovery Path As Travelex, Firstbank Begin Sales in Abuja, Kano, Port Harcourt