Naira tumbles in all market segments, now 445 against the dollar

The naira on Monday suffered a severe defeat against the dollar in all the major segments of the market.

At the interbank segment of the market, the naira lost 53 kobo to close at N308.32, from N307.79 posted on Friday.

Trading at the Bureau De Change (BDC) showed that the naira lost 5 points to exchange at N445 against the dollar, while it traded for N565 and N480 against the pound sterling and the euro respectively.

The naira also closed at N445, N559 and N484 to the dollar, pound sterling and the euro at the parallel market.

Traders at the market fingered acute forex shortage of the greenback to the poor performance of the naira at the market.

Meanwhile, Aminu Gwadabe, president, Association of Bureau De Change Operators of Nigeria (ABCON), said the BDCs were set to key into Travelex platform for forex sales.

Gwadabesaid biometric registration of BDCs and subsequent funding was ongoing, a move he said would lead the naira to the path of recovery.