The Naira on Monday continued to extend its gains against the dollar at the parallel market, newsmen report. The Nigerian currency exchanged at N440 (buying rate) and N445 (Selling rate) to a dollar, from N445/N450 it traded on Friday, while the Pound Sterling and the Euro closed at N530 and N465.
At the Bureau De Change (BDC) window, the Naira exchanged at N398 (buying rate) and N400 (selling rate), while the Pound Sterling and the Euro closed at N545 and N480. Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians.
Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.
Trading at the interbank market showed that the Naira closed at N307.50 to a dollar.
Traders at the market said they were happy with the level of liquidity but appealed to the Central Bank of Nigeria (CBN) to sustain it to further reduce the gap between the official and parallel market rates.
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