07 March, 2017

Dollar Crash To Naira at Parallel Market

Due to the health issues of president Muhammadu Buhari he is yet to come back to Nigeria even with the pressure being mounted on him.

But the good news is Naira has start to gain value against the US dollar with 5 points at the parallel market.

However the US currency on Monday crashed against the Naira, as the Nigerian currency gained 5 points at the parallel market.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, while the Pound Sterling and the Euro closed at N580 and N525, respectively.

The Nigerian currency also traded at N305.50 at the interbank window.

In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the Naira at N370 to a dollar.

Traders expressed the hope that the strengthening of the Naira would reposition the economy for greater productivity.

They, however, appealed to the CBN to sustain the liquidity boost in the market so that the Naira could sustain its gains against the dollar.

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