Naira Rebounds, Sells For 1,280/$ At Parallel Market

Google+ Pinterest LinkedIn Tumblr +

The Naira yesterday recovered against the US dollar at the parallel market as it appreciated to N1280/$, according to market information obtained by Nairametrics from currency traders.
This implied that the Naira appreciated by N120, representing a gain of 8.57 per cent when compared to the N1,400 to a dollar at which it traded on Friday.
Currency traders confirmed that they sold between N1, 280 and N1,300/dollar.
The local currency had, midweek lost a third of its value barely two weeks after strengthening to below N1,000 against the dollar.
It later dropped to N1,400 against the dollar at the black market on reports of fresh demand pressure.
This had made many people to question the impact of the sales of $15.83 million to 1,583 Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN).
The apex bank had, on Monday announced the sale of $10,000 to its licensed currency traders nationwide at the rate of N1,021/$1 as part of its plans to aid foreign currency accessibility for qualified end users and stabilise the foreign exchange market.
Currency traders had attributed the recent depreciation of the Naira to market forces as supply had been unable to meet up with the demand.


About Author

Comments are closed.