How Nigeria’s Naira Faired Against The US Dollar [Oct. 28]

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Naira, Dollar, Parallel Market

The Naira on Friday appreciated against the dollar at the official interbank market, the News Agency of Nigeria, NAN, reports.

READ ALSO: How Nigeria’s Naira Fared Against The US Dollar [Oct. 5]

The local currency gained 50k to exchange at N304.50, from N305 posted on Thursday, October 27, 2016.

At the Bureau De Change, BDC, segment of the market, the naira closed at N385 Central Bank controlled rate, while the Pound Sterling and the Euro traded at N560 and N503, respectively.

The naira, however, weakened against the dollar at the parallel market, nullifying the N5 it gained on Thursday to exchange at N470 to a dollar.

READ ALSO: Naira Depreciates To ‘Record Breaking’ Low Of 480/USD [Sept 29]

The Pound Sterling and the Euro closed at N565 and N505, respectively.

Aminu Gwadabe, President of Association of Bureau De Change Operators of Nigeria, ABCON, said that during the “ember’’ months, the demand for the dollar far outstripped its supply.

READ ALSO: Naira Crashes To All-Time Low Of N472/USD [Sept 28]

Mr. Gwadabe noted that currency speculators leveraged on the delay in the sale of forex to BDCs on Thursday to manipulate the market.

He, however, said that the naira was expected to bounce back fully by the coming days as the CBN, Travelex and some commercial banks were working hard to ease the liquidity challenges.

(NAN)

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Datboyjerry

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