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

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Naira, Dollar, Parallel Market

The Naira on Monday consolidated its gain against the United States dollar at the forex market, the News Agency of Nigeria reports.

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

According to the agency, since the resumption of the sale of Diaspora remittances to Bureau De Change (BDCs) by Travelex, the Naira had continued to appreciate.

At the official inter-bank market, the Naira closed at N304.75 from N306.71 posted on Friday.

While at the parallel market, the local currency firmed against the dollar and other currencies as it closed at N470, N580 and N510 from N473, N590 and N512 posted on Friday.

Naira consolidates its gain against Dollar

Trading at the BDCs segment saw an upward review of the official price of the dollar to N380 by the Central Bank of Nigeria.

Speaking on the development, the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, said that the regulatory authority had to review the official selling price of dollars to BDCs to encourage Nigerians in Diaspora, whose remittances was being sold to BDCs.

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

He stressed that the move was to discourage speculators.

Gwadabe also said the sustained appreciation of the nation’s currency would discourage the patronage of parallel market traders.



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