The Naira continued its slump in the forex market as it depreciated against the three major currencies in all segments. At the interbank market, it sold at N310 to the dollar as against N309 the previous day.
At the Bureau de Change (BDC) market, the Naira lost one point to close at N424 to a dollar, N549 to a pound and N468 to an euro. The woes were even worse in the parallel market where the naira was valued at N428, N550 and N468 to the dollar, Pound Sterling and the Euro as against N424, N550 and N471 posted on Tuesday.
Forex marketers also complained that liquidity was still very low in the market, while some others believed that the challenge would ease up when a licensed dealer begins sale of forex to BDCs. This would assuage the vacuum caused by the inadequate sale of forex to BDCs.
Parts of this article originally appeared in Premium Times