Naira Sustains Gain Against Dollar

The Naira on Tuesday sustained its gain against the dollar at the FOREX market, the News Agency of Nigeria reports.

The Nigerian currency exchanged at N455 (buying rate), N457 (selling rate) at the parallel market, from the N455/460 it traded on Monday, while the Pound Sterling and the Euro closed at N547 and N480, respectively.

At the Bureau De Change (BDC) window, the Naira traded at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro traded at N547 and N480, respectively.

At the interbank window, the Naira closed at N306.25 to a dollar.

Traders at the market were hopeful that improved liquidity at the interbank market would lead to a fuller recovery of the Naira.

Meanwhile, Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, has said that operators were key drivers of the Central Bank of Nigeria, CBN’s intervention at the interbank market.

Mr. Gwadabe called for an upward review of the volume of forex sold to BDCs from $8,000 to $15,000 weekly.

According to him, the review would help to narrow the gap between the official and parallel market rates.

The CBN had injected over $1.4 billion in a series of interventions at the interbank market, saying that the liquidity boost was geared towards stabilising the exchange rate.

This it said, was by meeting the need of genuine seekers of FOREX for personal and business travels.

(NAN)