Naira sells at N400 to dollar

Dollar and Naira bills [Photo credit: NairaFX]

The Naira on Thursday exchanged at N400 to a dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency gained N10 to close at N400, from N410 posted on Wednesday, while the Pound Sterling and the Euro traded at N500 and N430 respectively.

At the Bureau De Change (BDC) window, the Naira closed at N400, while the Pound Sterling and the Euro traded at N530 and N465 respectively.

Trading at the interbank market saw the Naira weaker at N308.00 from N307.75 recorded on Wednesday.

Currency traders expressed the hope that the continuous appreciation of the Naira would affect the economy positively.

Meanwhile, the Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to loosen its policies on foreign direct inflow and diaspora remittances as part of efforts at rate convergence.

Okowa Campaign AD

ABCON president, Aminu Gwadabe, said that recent development in the FOREX market had made it important for the CBN to review the rate at which it sells FOREX to BDCs.

Mr. Gwadabe explained that a fair playing ground for all operators at the FOREX market was needed for the CBN to achieve its goal for rate convergence at the market. (NAN)

Support PREMIUM TIMES' journalism of integrity and credibility

 

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: New Discovery! Click Here To See A Miracle Device That Can Cure DIABETES, BLOOD PRESSURE, STROKE, ARTHRITIS, PAINS, OBESITY And 50 Other CHRONIC DISEASES Without Drugs Or Herbs.. Click Here Now To See It


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.