Naira soars at inter-bank market

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The naira on Friday strengthened against the dollar at the inter-bank market as the parallel market remained volatile, the News Agency of Nigeria (NAN) reports.

The Nigerian currency traded at N314.95 against the dollar in contrast with N338.75 it recorded at the transaction on Thursday.

However, at the parallel market, the naira traded at N412 to a dollar as against N407 it recorded on Thursday, and N530 to Pound Sterling and N455 against Euro, from N425 and N455, respectively on Thursday.

At the Bureau De Change (BDC) segment of the market, the naira exchanged at N407, N520 and N450 against N407, N525 and N450 it posted on Thursday.

Traders at the market said that the market had remained unstable as the directives and counter-directives of the Central Bank of Nigeria (CBN) on foreign exchange sale was affecting liquidity flow.

(NAN)

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  • Say the truth

    It is obvious that the incompetence, inconsistencies of CBN has caused a lot of damage to naira. The CBN appear confused and unable to proffer lasting solution to forex problems. You can’t rule out the insinuation that some people in CBN and commercial banks are smiling home with fast money from round tripping. Emefiele and his co travelers appear aloof and unconcerned about the hardship occasioned by forex crisis.

  • Tosin Otitoju

    Please do something. I was going to share the analysis page on premiumtimes with a larger audience but then I opened it and saw the first headline: “Naira soars…” with content that did not support that at all.

    If a currency soars, it means that its value relative to “other currencies” has risen dramatically.

    If the value of other stable currencies have risen dramatically relative to the naira, that is the opposite of soaring.

    It’s not Premium Times, it’s literacy. Many outlets in Nigeria do worse. Please just learn a bit more sha, ask google for a primer.