Naira Continues Growth in Parallel Market

The Naira gained N2 to appreciate marginally against the dollar at the parallel market on Monday.

It exchanged at N468 to the dollar as against N470 it traded on Friday. Also, the Pound Sterling and the Euro closed at N565 and 510, respectively.

However, at the interbank market, the naira depreciated against the dollar, eroding the gains of Friday in that segment. It shed N4.31 to close at N308.81 from N304.50 posted on Friday.

At the BDC window, the currency closed at N385 to the dollar. The Pound Sterling and the Euro traded at N564 and N504, respectively.

BDCs Express Optimism On Naira

President Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, expressed optimism that the naira would appreciate further in the coming days. He said the demand for the dollar far -outstripped its supply, during the “ember’’months.

He further noted that currency speculators leveraged on the delay in the sale of forex to BDCs on Thursday to manipulate the market.

However, he said that the naira was expected to bounce back fully by the coming days as the CBN, Travelex and some commercial banks were working hard to ease the liquidity challenges.