Naira Appreciates Against The Dollar At Parallel Market

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The Naira on Friday, December 18, appreciated against the Dollar at the parallel after weeks of free fall against the greenback.

The currency gained N10 to exchange at N270 to the dollar after it nosedived to N280 on Thursday.

At the official interbank window, it gained N0.03 to close at N196.97 to the dollar.

Traders said currency speculators were afraid that the Naira could sell below their expectations and this forced them to release foreign exchange for sale.

Also Nigerians living abroad would be coming home with a lot of foreign currencies during the Yuletide period which will also help reduce the pressure on the foreign exchange market and strengthen the Naira.




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