Naira Continues Rise At Forex Market

Traders have expressed optimism as the Naira continues to appreciate against the dollar at the Financial Markets Dealers Qoute (FMDQ).

The Nigerian currency closed at N304.75 to the dollar at the official interbank market on Wednesday from N305 recorded on Tuesday. With this development, Naira is inching towards the N280 rate to the dollar.

At the Bureau De Change (BDC) window, it exchanged at N385 to the dollar, while the pound sterling and the Euro traded at N550 and N504, respectively.

Trading at the parallel market saw it exchanging at N450, N545 and N495 to the dollar, pound sterling and the Euro, respectively.

Traders at the market expressed optimism that the licensing of additional 20 International Money Transfer Operators (IMTO) would bring more liquidity to the market.

CBN is interfacing with IMTOs to sell the proceeds of Diaspora remittances to BDCs. This is to conserve the nation’s foreign reserve and liberalise the foreign exchange market.

The decision of the CBN has yielded good returns as the naira continues to appreciate at the forex market.