The naira, on Thursday, November 10, remained strong against the dollar at the parallel market, trading at 460 to the dollar, firmer than 470 per dollar a week ago.
The local currency, had on Wednesday gained N5 in to exchange at N460 to a dollar from N465 recorded on Tuesday. Also, the Pound Sterling and Euro closed at N560 and N500 respectively.
The stability came after security agencies arrested some black market forex dealers and also the decision of bureau de change operators to regulate rates and curb speculation on the local currency contributed to currency rally.
Meanwhile, at the official window the naira was quoted at 315.50 to the dollar by commercial lenders. The naira is seen closing at 305.5 to the dollar after the Central Bank of Nigeria, CBN’s expected intervention in the market.
Indications have also emerged that the Nigerian currency is likely to strengthen in the parallel market next week after a decision to regulate rates and curb speculation.
President of the Association of Bureau de Change Operators,Aminu Gwadabe, who spoke on the development said operators have agreed the naira should be traded within a band of 390/400 a dollar at the bureau de change level, in order to cut off speculators from the market.
