Naira appreciates further at parallel market

Dollar and Naira bills [Photo credit: NairaFX]

The Naira on Thursday consolidated its gains against the dollar at the parallel market, few days after the CBN announced a new forex policy.

The Nigerian currency exchanged at N500 to a dollar after closing at N505 on Wednesday, while the Pound Sterling and the Euro closed at N600 and N510 respectively.

At the Bureau De Change (BDC) window, the Naira closed at N399 to a dollar, while the Pound Sterling and the Euro traded at N635 and N545, respectively.

Trading at the interbank window saw the Naira closed at N305.50 to a dollar.

Traders at the market said that the new forex policy by the CBN opening up dollar sales to commercial banks for school fees, medicals and Personal Travel Allowances was impacting the market positively. (NAN)


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  • Dr. Chula

    Great news, the new forex policy seems to be effective, I hope it is not the news effect?

  • Daniel

    Minus London bed, the economy may pick up. He is a very poor economic manager.

    He needs a permanent medical vacation.

  • Tony Asiegbu

    Good news, hope it lasts beyond the news effect. With the current level of oil price, the relative calm in the delta, the level of supply of local rice in the market, IT IS ONLY THE CONTINUED IMPORTATION OF ALMOST ALL OUR FUEL FROM OVERSEAS THAT WILL CONTINUE TO DRAW US BACK. I pray the govt becomes more serious this time with resolving that.

  • kayode Olufade

    Wow! I actually ceitized this move believing the industrial sector needed the much sought after dollars. I believed that if manufacturers were given the currency the demand would have eased but for the naira to appreciate with this move is cause to ponder. I think basically the economy needed that amount of currency pumped into the market to make the scarcity ease up

  • Omooba Adekunle Orafidiya

    The knee-jerk reaction by CBN is unsustainable. The Naira will soon return to its realistic exchange rate.