Naira gains 3.14% against dollar at Spot Market

The Nigerian Currency (Naira) appreciated by 3.14 percent at the spot FX market today to close at N310.24 against one US Dollar in contrast to a depreciation of 2.79 percent on Tuesday when it fell to N320.31.

At the parallel market, the Naira retained rates of N470/US$ but dropped further to N515 against the Euro from N510 while N585 was exchanged for one Pound Sterling from N575 it traded for previously.

The naira is expected to stabilise on the parallel market after International Money transfer agencies started selling dollars to bureau de change operators in line with a central bank directive.

“We have started receiving dollar supply from Travelex and we expect this to gradually impact positively on the naira exchange rate going forward,” Aminu Gwadabe the head of Nigeria’s bureaux de change association, told Reuters, referring to one transfer agency.

The naira was quoted at 473 to the dollar on the black market on Thursday compared with 460 last week. It was trading at 310.50 on the official interbank market at 1117GMT, it usually closed around 305.5 after central bank intervention toward the close of the trading.