Naira hedges against Pound Sterling, Euro

Naira hedges against Pound Sterling, Euro
July 12 01:17 2016

The Naira on Monday weakened slightly
 against the dollar at the parallel market.
The Nigerian currency shed 1 point to trade at N353 by
midday, from N352 it traded on Friday.
However, the Naira hedged against the Pound Sterling
and the Euro as it traded for N460 and N383, from
N465 and N385 it traded respectively on Friday.
At the interbank window, however, the currency closed
on a positive note as it exchanged at N282.6 to a
dollar.

Traders at the market said that activities at the market
were slow because of the prolonged public holiday in
the previous week.
Meanwhile, some financial experts have called on the
Central Bank of Nigeria (CBN) to open a small window
of transaction for Bureau de Change (BDC) operators in
the new forex regime.

Mr Femi Ekundayo, former President, Chartered
Institute of Bankers of Nigeria (CIBN), urged the apex
bank to collaborate with the BDCs in its effort to
reposition the forex market.
Mr Harrison Owoh, a BDC operator, who said that
BDCs were critical in stabilising the foreign exchange
market, called on the CBN to integrate BDCs in the new
forex policy.

NAN reports that the Association of Bureau De Change
Operators of Nigeria (ABCON) had been interacting with
the apex bank on a new model of partnership in
bringing sanity to the forex market.

(NAN)