Naira continues to rally against the dollar at parallel market

By Editor on 24/02/2017

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Things continued to look up for the Naira on Friday, which has continued to brow-beat the dollar, following the latest steps from the Central Bank of Nigeria (CBN), which boosted liquidity and forced a crash in the price of the greenback.

The News Agency of Nigeria (NAN) reports in Lagos that the Naira exchanged at N460 to a dollar at the parallel market, gaining 40 points from N500 it recorded on Thursday.

NAN also reports that the Pound Sterling and the Euro traded at N575 and N480 respectively.

At the Bureau De Change (BDC) window, the Naira closed at N399 to a dollar CBN controlled price, while the Pound Sterling and the Euro exchanged at N610 and N520 respectively.

Trading at the interbank window saw the Naira closed at N305.50 to a dollar.

Traders at the market expected the Naira to sell for less than N400 to a dollar if the boost in liquidity by the CBN was sustained.

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Governor of CBN, Godwin Emefiele

Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said that currency speculators were expected to lose billions of Naira to the new forex policy.

Gwadabe said that speculators were already overwhelmed by the policy as they were taken by surprise by the move of the apex bank.

NAN reports that the new CBN policy directing banks to sell forex for school fees, medicals and other allowances was already impacting positively at the market.

 

 

Source NAN

Posted on February, 24 2017

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