Naira Records Further Gains Against the Dollar

The Naira has recorded further gains against the dollar at the parallel market.

The Nigerian currency gained 0.5 points to close at N366.5 to a dollar, stronger than N367 , while the pound sterling and the Euro traded at N472 and N420 respectively.

At the Bureau De Change Window (BDC), the Naira exchanged at N363 to the dollar, while the pound sterling and the Euro was sold at N417 and N415 respectively.

Trading at the interbank market saw the Naira closed at N306, while the Naira traded at N362.8 to the dollar at the investors’ window.

Traders at the market said that the nation’s currency would witness greater stability as the Central Bank of Nigeria (CBN) continued its intervention.

Meanwhile, CBN continued its intervention at the foreign exchange market as it sold FOREX to about 3, 130 BDCs nationwide.

NAN reports that the apex bank had continued aggressive intervention at the FOREX market, selling an excess of 7.8 billion dollars since February.

The apex bank hoped to completely crush currency speculators with its interventions to bring back the glory of Naira.

NAN