Naira strengthens against the dollar Again

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The Naira on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to the dollar, stronger than the N388 it closed on Wednesday.


At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively.

At the Bureau De Change (BDC), the naira was N362 to the dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively. The naira was exchanged at N305.6 to the dollar at the interbank.

Currency traders said that the weekly offering of foreign exchange to BDCs by the CBN was paying off and restoring stability to the exchange rate.

Alhaji Aminu Gwadabe, the President of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the naira to continue to appreciate in the coming weeks.

Gwadabe said that BDCs had taken measures to ensure that they would not run foul of the law in the foreign exchange market.