Naira records further gains against dollar

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The Naira on Thursday recorded further gains against the dollar at the parallel market, the News Agency of Nigeria reports.

The Nigerian currency gained 0.5 points to close at N366.5 to a dollar, stronger than N367 recorded on Wednesday, while the pound sterling and the Euro traded at N472 and N420 respectively.

At the Bureau De Change Window, BDC, the Naira exchanged at N363 to the dollar, while the pound sterling and the Euro was sold at N417 and N415 respectively.

Trading at the interbank market saw the Naira closed at N306, while the Naira traded at N362.8 to the dollar at the investors’ window.

Traders at the market said that the nation’s currency would witness greater stability as the Central Bank of Nigeria (CBN) continued its intervention.

Meanwhile, CBN continued its intervention at the foreign exchange market as it sold FOREX to about 3, 130 BDCs nationwide.

NAN reports that the apex bank had continued aggressive intervention at the FOREX market, selling an excess of $7.8 billion since February.

The apex bank hoped to completely crush currency speculators with its interventions to bring back the glory of Naira.

(NAN)


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  • NoSpinEd

    To those of us who fondly remember when the exchange rate was $1.50 to 1 Naira in the early 1970’s, when our currency was tagged to the British Pound, this is a relatively meaningless “gain” against the Dollar.