Business
Naira extends gain against dollar
The Naira on Tuesday extended its gains against the dollar across the forex market, National Daily has gathered.
The Nigerian 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.
The 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.
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.
-
Latest4 days agoMakinde declares 2027 presidential bid under PDP–APM alliance
-
Business3 days agoNigeria: Whither the fruits of 2026 crude oil windfall?
-
Comments and Issues4 days agoPolitical Parties Primaries: Consensus or Coronation?
-
Business3 days agoTrump-Xi summit sparks fresh questions for Nigeria’s economy, tech sector
-
Featured4 days agoObasanjo faults Tinubu’s economic reforms, calls them necessary but poorly designed
-
Business5 days agoAnger, debate trail proposed $1.25bn loan amid concerns over Nigeria’s debt surge
-
Comments and Issues4 days agoDoes it matter to Africa if Nigel Farage comes to Number 10?
-
Latest4 days agoWike says Makinde’s presidential ambition dead on arrival