How Nigeria’s Naira Fared Against The US Dollar [Sept 1]

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The naira appreciated against the dollar at the interbank, on Wednesday, closing at N316.24 to the dollar, at the segment from N338.96 it traded on Tuesday, August 30, 2016.

READ ALSO: Forex: CBN Licenses 11 New International Money Transfer Operators

While at the Bureau De Change (BDC), the naira exchanged at N413, N530, and N460 against the dollar, pound sterling and the Euro, respectively, the News Agency of Nigeria (NAN) reports.

READ ALSO: Naira Weakens To All-Time Low Against Dollar, Trades At 414/$1

However, at the parallel market, the local currency traded at N420, N535 and N461 against the dollar, Pound Sterling and the Euro, respectively.

This is against the N418, N531 and N461 to the dollar, pound sterling and Euro, it traded respectively at the parallel market on Tuesday.

READ ALSO: CBN Prohibits 9 Banks From All Forex Transactions

Traders said that scarcity of foreign exchange was still taking toll on the market.

Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said the dollar rate at the parallel market was unacceptable.

“Evil forces at the market under the mask of speculators are profiting from the hike in the dollar rate.”

It would be recalled, in a bid to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users, the Central Bank of Nigeria (CBN) licensed more International Money Transfer Operators (IMTOs) to operate in Nigeria.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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