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Tuesday, May 9, 2017

Naira appreciates against Dollar at parallel market; Exchanges for N388/$1


The Naira on Monday appreciated against the dollar and other currencies at the parallel market. The Nigerian currency gained three points to exchange at N388 to the dollar, stronger than N391 it traded on Friday, while the pound sterling and the Euro closed at N495 and N425. 

At the Bureau De Change (BDC) window, the Naira was sold at N362 to the dollar, while the pound sterling and the Euro closed at N495 and N423. Trading at the interbank market showed that the Naira closed at N305.7, while the pound sterling and the Euro closed at N453.18 and N386.28.

Currency traders said the liquidity boost at the FOREX market had forced the naira to appreciate.

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