Naira Fares Well Against Dollar At Parallel Market [Oct. 11]

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Naira Strengthens To N435/$ From N525 As CBN Continues Intervention

The Naira, which made a surprising comeback on Monday, has continued its buoyancy, as it fared well against the U.S. Dollar on Tuesday, October 11, 2016.

READ ALSO: How Nigeria’s Naira Fared Against The US Dollar [Oct. 10]

It was gathered that the local currency yesterday appreciated against the greenback at the parallel market, closing at N468 to a dollar.

It gained N2 from N470 it traded on Monday while it exchanged at N570 and N517 against the Pound Sterling and the Euro, respectively.

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

Trading at the Bureau De Change (BDC) segment of the market showed that the Naira was sold at the approved rate of N380 to the dollar, while Pound Sterling traded at N580 and Euro at N515.

While at the official inter-bank market, the naira remained at N304.75 to a dollar.

NAN reports that since the resumption of the sale of Diaspora remittances to the BDCs by Travelex, the naira had continued to appreciate.

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

Also concurring with NAN, traders at the market attributed the ease in the liquidity challenge in the market to the resumption in the sale of dollars to BDCs by Travelex.

NOW TRENDING: Who The Parallel Forex Market ‘Epp’?

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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