Friday, Sep 25th 2020 9:53 AM
Lagos
+29°C

Market Digest Nigeria

Business

Naira firms up against dollar

The Naira firmed against the US dollar at the parallel market on Tuesday, closing at N398 to the dollar, as the Central Bank of Nigeria sustains the supply of dollars at all markets.

The naira appreciated from the N410 it posted at the segment on Friday. It was traded at N497 to the pound sterling and N430 to the Euro, respectively, at the same market.

At the Bureau De Change (BDC), the dollar was sold at N362 to the dollar, while the pound and the Euro closed at N495 and N428, respectively.

Trading at the interbank saw the naira closing at N306 to the dollar.

Traders still expressed optimism that the naira might sustain its appreciation against the dollar as the CBN maintained its liquidity boost to all the segments of the market.

Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said that BDCs were working hard to close the gap between the official and the parallel market rates.

He commended the CBN for increasing the volume of foreign exchange offered to BDCs weekly and promised that its members were ready to drive down the rates if the apex bank continued to inject more liquidity to the sector.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top
SUBSCRIBE NOW!
Get the best of Market Digest Nigeria financial news
delivered to your inbox daily!
By clicking Give it a try, I hereby: Agree and Consent to the Terms of Use and the Privacy Policy
& I may receive free newsletters & promotions from this site and can choose to unsubscribe anytime.