Naira extends gain against dollar

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Naira appreciates against Dollar
Naira appreciates against Dollar

By Fabian Ekeruche

The Naira on Tuesday extended its gains against the dollar across the forex market, the News Agency of Nigeria (NAN) reports.

The nation currency gained N4.06 at the interbank market to close at N304.75, from N308.81 posted on Monday.

At the Bureau De Change (BDC) window, the naira was sold at N385 to a dollar, CBN controlled rate, while Pound Sterling and  Euro traded at N565 and N504 respectively.

Naira gained three points at the parallel market to close at N465 to a dollar against N468 posted on Monday.

Also, Pound Sterling and Euro closed at N560 and N510 respectively.

Traders at the market said that liquidity at the market was being boosted by the weekly sale of forex by Travelex and First Bank of Nigeria (FBN).

NAN reports that Travelex, a licensed International Money Transfer Operator (IMTO), had been selling the proceeds of Diaspora remittances to BDCs for over a month.

Travelex and FBN have been working hard to ensure that liquidity challenges in the North and some other South-South states was reduced by selling forex in these areas.

it will be recalled that the Naira on Monday in Lagos appreciated marginally against the dollar at the parallel market, gaining N2.

The currency exchanged at N468 to the dollar as against N470 it traded on Friday.

The Pound Sterling and the Euro closed at N565 and 510, respectively.


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