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Naira appreaciates marginally at interbank market


PHOTO: Getty Images

PHOTO: Getty Images

The Naira on Wednesday appreciated marginally against the dollar at the interbank market, gaining 25k to exchange at N305, the News Agency of Nigeria (NAN) reports.

The Nigerian currency closed at N305.25 on Tuesday.

Trading on the floor of the Bureau De Change (BDC) saw the Naira sold at N399 to
a dollar, CBN controlled price, while the Pound Sterling and the Euro closed at N585 and N506 respectively.

The Naira continued to nosedive at the parallel market, closing at N480 to a dollar, while the Pound Sterling and the Euro traded at N580 and N505 respectively.

Traders at the market said they have been trading under acute forex shortage.

Mr Harrison Owoh, a BDC operator, said there had been sustained fall in the sale of foreign
currencies to BDCs for two weeks running.

Owoh attributed the shortage to the fall in inflow into the country.

He said “for two weeks running, BDCs have been gettting 8,000 dollars instead of 15,000 weekly dollar sale from Travelex.”

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