Naira records further gains against dollar

Naira records further gains against dollar

The Naira on Thursday recorded further gains against the dollar at the parallel market, the News Agency of Nigeria (NAN) 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 dollars since February.

The apex bank hoped to completely crush currency speculators with its interventions to bring back the glory of Naira. (NAN)
FBO/GOK

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Uju

Uju Valarie Ubatu, is a graduate of computer science, She is very vast on internet research and has a zeal for acquiring information from as many sources as possible.She loves to travel, meet people and watch programmes on TV.

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