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NAIRA FALLS AT INTER-BANK PARALLEL MARKETS

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Naira, Nigeria’s currency, on Tuesday fell by 0.58% against United States Dollar to close at N306.78 in Inter-bank 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 five 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.

Gwadabe said that the Central Bank of Nigeria brokered a meeting between Travelex and ABCON, which led to the commencement of the sale of Forex in Abuja, Kano and by extension, Port Harcourt.
He said First Bank Nigeria PLC and Travelex had been directed by the apex bank to sell Forex to BDCs in Abuja, Kano and Port Harcourt.

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.

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