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Naira sustains gain as dollar crashes at parallel market

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The Naira on Friday sustained its gains against the dollar as liquidity boost by the Central Bank of Nigeria (CBN) had forced a crash in the price of the greenback.

The News Agency of Nigeria (NAN) reports in Lagos that the Naira exchanged at N460 to a dollar at the parallel market, gaining 40 points from N500 it recorded on Thursday.

NAN also reports that the Pound Sterling and the Euro traded at N575 and N480 respectively.

At the Bureau De Change (BDC) window, the Naira closed at N399 to a dollar CBN controlled price, while the Pound Sterling and the Euro exchanged at N610 and N520 respectively.

Trading at the interbank window saw the Naira closed at N305.50 to a dollar.

Traders at the market expected the Naira to sell for less than N400 to a dollar if the boost in liquidity by the CBN was sustained.

Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) said that currency speculators were expected to lose billions of Naira to the new forex policy.

Gwadabe said that speculators were already overwhelmed by the policy as they were taken by surprise by the move of the apex bank.

NAN reports that the new CBN policy directing banks to sell forex for school fees, medicals and other allowances was already impacting positively at the market.



5 Comments
  • Abubakar musa

    “yes!that’s good.

  • johnson oluyele

    We pray iit continue to fall to 200 to the dollar

    • Rexmond

      Pray, pray, pray 24/7. No hard work, no thinking. See where praying foolishly have landed you. Mumu.

  • Abokinyang

    Celebrating failure Nigerian style. Lets allow the naira get to #1k per dollar so that if I touch naija with $20k I will pocket #20 million naira and paint the town red. Clueless people

  • Stevo Ski

    I dont see this as success…for how long will this policy be sustained to hold off the dollar…there is no better way to hold this off if we cant manufacture what we use in Nigeria…this is just going to last for two weeks and all those billionaires will consume the dollar sending their children abroad for schooling and importing expensive cars etc