The traders at the parallel market asked CBN to open a small window of transaction for BDC operators in a new policy
The News Agency of Nigeria reports that the naira on July 11 has weakened slightly against the dollar at the black market.
The Nigerian naira dropped 1 point to trade at N353 by midday, from N352 it rated on July 8, Friday.
Meanwhile, the currency strengthened against the Pound Sterling (GBP) and the Euro as it traded for N460 and N383, from N465 and N385 it rated correspondingly last week.
At the CBN window, however, the naira closed on a positive note as it traded at N282.6 to a dollar.
According to some traders, the activities at the market were slow because of the extended public holiday in the previous week.
However, some financial experts have asked Central Bank of Nigeria to open a small window of transaction for the bureau de change (BDC) operators in the new forex regime.
Femi Ekundayo, ex-president of the Chartered Institute of Bankers of Nigeria advised the apex bank to cooperate with the BDCs in its effort to reposition the forex market.
At the same time, the Association of Bureau De Change Operators of Nigeria has been discussing with the CBN on a new model of partnership in bringing sanity to the forex market.
Nigeria had resisted debasing the naira for over a year despite other key oil producers allowing currencies to fall amid lower crude prices.
This is the third devaluation since November 2014after Nigeria’s Central bank devalued the naira by 8% to 168 to the dollar and also raised the private sector Cash Reserve Requirement (CRR) to 20% from 15%.
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