Naira strengthens against dollar
Latest development as Naira strengthens against dollar with one point appreciation at the parallel market in Lagos.
The News Agency of Nigeria, (NAN) reports that the Naira exchanged at N439 to a dollar at the parallel market in Lagos, while Pound Sterling and the Euro closed at N580 and N495 respectively.
Following the resumption of forex sales to BDCs in the country, Naira appreciated in the parallel market as Naira-Dollar rate fell by 7.74%, from N478/$ to N441/$ week-on-week.
Investors at the investor’s window traded the naira at N386.25 to a dollar as market turnover stood at 92.18 million dollars.
However, the naira was sold at 379 to a dollar at the official Central Bank of Nigeria (CBN) window.
NAN reports that the planned sale of foreign exchange to Bureau De Change Operators nationwide has sent panic to the camp of speculators, thus leading to the rebounding of the naira at the parallel market.