Naira sustain gains cross forex market

The Naira gained across all the foreign exchange segments on Monday following the additional sales of $170 million by the Central Bank of Nigeria (CBN) last week.

The local currency improved three points on the parallel market to exchange at N452, from N455 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, CBN stipulated rate, while the Pound Sterling and the Euro traded at N547 and N482, respectively.

On the interbank market window, the Naira closed at N306 to a US dollar. Trading on the floor of the interbank market saw the Naira closed at N306.00 to a dollar.

Traders at the market expressed delight in the interventions 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, 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 that 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 sales to its members.

The ABCON boss said that a boost in its weekly volume from 8,000 dollars weekly to 15,000 dollars would sustain the existing efforts in stabilising the Naira exchange rate at the FOREX market.