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Naira Rises Against The Dollar On Parallel Market

The Naira on Monday in Lagos appreciated marginally against the dollar at the parallel market, gaining N2, the News Agency of Nigeria (NAN) reports.

The currency exchanged at N468 to the dollar as against N470 it traded on Friday.

The Pound Sterling and the Euro closed at N565 and 510, respectively.

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

Trading at the Bureau De Change (BDC) window showed that the currency closed at N385 to the dollar, while the Pound Sterling and the Euro traded at N564 and N504, respectively.

A BDC operator, Mr Abubakar Adamu, expressed optimism that the naira would appreciate further in the coming days.

Meanwhile,  it will be recalled that the Naira on Friday appreciated against the dollar at the official interbank market and it gained 50k to exchange at N304.50, from N305 posted on Thursday.

At the Bureau De Change (BDC) Segment of the market, the naira closed at N385 CBN controlled rate, while the Pound Sterling and the Euro traded at N560 and N503, respectively.

The naira, however, weakened against the dollar at the parallel market, nullifying the N5 it gained on Thursday to exchange at N470 to a dollar:

Alhaji Aminu Gwadabe, President Association of Bureau De Change Operators of Nigeria (ABCON) said that during the “ember’’months the demand for the dollar far -outstripped its supply,
Gwadabe noted that currency speculators leveraged on the delay in the sale of forex to BDCs on Thursday to manipulate the market.

He, however, 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.

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