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

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The Naira on Wednesday recovered slightly against the dollar in all the segments of the foreign exchange market, the News Agency of Nigeria, NAN, reports.

The local currency gained 9.97 points to exchange at N310.24 from N320.21 it recorded on Tuesday, representing an appreciation of 3.1 per cent.

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

Also at the parallel market, the naira gained a point against the dollar, exchanging at N475 from N476 posted on Tuesday, while it closed against the Pound Sterling and the Euro at N590 and N510, respectively.

At the Bureau De Change (BDC) segment of the market, the naira traded at N354 against the dollar, and at N580 to the Pound Sterling and N510 to the Euro.

Naira firms against dollar

Traders at the market said that the sale of foreign exchange to BDCs was already easing the liquidity challenges at the market.

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

NAN reports that since the resumption of the sale of the currencies to BDCs was restored, the naira had been on a steady path to recovery.

Economic analysts also believe that if the new arrangement continued, the Nigerian currency would regain its lost glory.

Datboyjerry

Datboyjerry

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