Lagos - The Naira on Wednesday continued to
depreciate at the parallel market amid mixed reactions to the recent
forex policy of the Central Bank of Nigeria (CBN).
The media reports that the Nigerian currency
lost N2 to exchange at N297 to the dollar, from N295 it traded on
It, however, traded at N197 to the dollar at the official interbank window.
Traders at the market said that the demand for the greenback by
importers had continued to fuel the depreciation of the Naira at the
Meanwhile, some stakeholders at the forex market have expressed
divergent views on the impact of the recent forex policy of the apex
bank on the fate of the Naira.
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The Association of Bureaux de Change Operators of Nigeria (ABCON), in
a communiqué urged the CBN to reverse the ban of sale of forex to its
members, adding that the ban would impact the value of the Naira
They called on the CBN to include them in taking decisions that would affect the foreign exchange market.
Professor Sherifadeen Tella of the Department of Economics, Olabisi
Onabanjo University, Ago Iwoye, Ogun, said the new forex policy of the
apex bank was in the right direction.
He noted that there was nowhere in the world that the CBN sold forex
to BDCs, pointing out that BDCs in Nigeria were operating like the