The Nigerian Naira on Thursday, March 23, gained more traction against the American Dollar at the parallel market, trading at the rate of N400 to a dollar.
The local currency gained N10 to close at N400 at the end of the day’s market, from N410 recorded on Wednesday, March 22.
Also, at the parallel market, the naira against the British Pound Sterling N500 and traded at the rate of N430 against the Euro.
Meanwhile, at the official interbank or spot FX market the naira depreciated against the greenback, trading at the rate of N308.00 from N307.75 recorded on Wednesday.
At the Bureau De Change (BDC) window, the Naira closed at N400, while the Pound Sterling and the Euro traded at N530 and N465 respectively.
Following the development, the Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to ease up pn its policies on foreign direct inflow and Diaspora remittances as part of efforts at rate convergence.
ABCON President, Alhaji Aminu Gwadabe said that recent development in the FOREX market had made it important for the CBN to review the rate at which it sells FOREX to BDCs.
Gwadabe explained that a fair playing ground for all operators at the FOREX market was needed for the CBN to achieve its goal for rate convergence at the market
