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Naira appreciates in all segments of FOREX Market

The Naira on Monday appreciated in all the major segments of the foreign exchange Market, the News Agency of Nigeria reports.

The Nigerian currency gained three points to exchange at N460, from N463 posted on Friday, while the Pound Sterling and the Euro closed at N550 and 476 respectively.

At the Bureau De Change window, the Naira was sold at N399 to a dollar, which is the Central Bank of Nigeria-controlled rate, while the Pound Sterling and the Euro traded at N547 and N482 respectively.

Trading on the floor of the interbank market saw the Naira close at N306 to a dollar.
Traders at the market expressed delight with the intervention the CBN had made so far in boosting liquidity, adding that its sustenance would turn the economy around in the short to medium term.

Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, said the association was expecting an increment in dollar sales to its members this week.

Gwadabe said due to the stability in the oil sector and the increase in the price of oil at the international market, the CBN was now comfortable in entertaining ABCON’s request to increase the volume of dollar sale to its members.

The ABCON boss said a boost in its weekly volume from $8,000 weekly to $15,000 would sustain the existing efforts in stabilising the Naira exchange rate at the Forex Market.

Gwadabe said: “We expect that the CBN will increase the weekly dollar sale to about 3,200 registered BDC’s nationwide this week.

“This development will help to crash the high exchange rate at the parallel market, thereby stabilising the market in that segment of the market.

“The CBN is also collaborating with ABCON to reduce the hiccups encountered by ABCON members in filling their returns to the apex bank.”

The financial expert added that the Naira was expected to extend appreciation across the major segments of the FOREX market this week.

NAN also reports that since the CBN began intervening at the FOREX market, it had spent an excess of $1.4 billion in boosting liquidity at the market.

Some concerned Nigerians have hailed the effort of the CBN in boosting liquidity at the FOREX market, but added that the liquidity boost had not yet translated to the reduction in the price of goods and services in the country.

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Naira appreciates in all segments of FOREX Market


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