Naira Closes at N455/$ at Parallel Market

The naira, on Friday, October 21, closed at N455 to the dollar at the parallel market on Friday.The Nigerian currency on the same day at the interbank or spot FX market, closed at the exchange rate N455 to the U.S dollar.
The local currency has remained in a fluctuating mode across all segments of the money market even as the Central Bank of Nigeria, CBN, tries to tame the market volatility at different intervals.

President, Association of Bureau De Change Operators of Nigeria, ABCON, Aminu Gwadabe, had on Friday, advised currency hoarders and speculators against continued hoarding of forex to also curb market volatility.

The ABCON boss said that the resumption in the sale of forex to BDCs and the transparency in the sale would lead to drastic reduction in gap between the official rate and the parallel market rate.

Gwadabe further advised Nigerians to avail themselves of the services of BDCs as they were sure to buy forex at controlled CBN rate.

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