Lagos traders panic as Naira depreciates thrice in 6 hours – Vanguard

Lagos – Currency traders on Wednesday in Lagos became apprehensive as the Naira depreciated thrice in six hours at the parallel market.

The traders were meeting in clusters, painstakingly trying to unravel the rationale behind the sudden depreciation of the naira, after it had appreciated for about four weeks.

The Naira exchanged at N467 to the dollar as at 4:30 p.m. after it traded for N455, and N460 in a couple of hours on Wednesday while the Pound Sterling and Euro closed at N560 and N505, respectively.

The Nigerian currency, after weeks of sustained appreciation, stabilised at N455 to a dollar prior to its depreciation on Wednesday.

At the Bureau De Change (BDC) window, the Naira was sold at N385 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N553 and N500, respectively.

The official interbank market was not isolated from the depreciation fever as the naira lost N1.78 to close at N306.78, from N305 it posted previously.

Traders at the market could not offer sufficient reason for the performance of the naira at the parallel market. But this is happening at a time when Abuja, Kano and Port Harcourt are keying into the First Bank of Nigeria and Travelex Forex auction window.

Traders believe that the liquidity challenge would ease off by Thursday after BDCs would have bought Forex from Travelex in Lagos.

Source: Vanguard



We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.



Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at agfab2013@gmail.com


Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535


Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply