The Nigerian Naira on Friday, July 21, ended on a positive note as trading at the Nigerian foreign exchange market closed activities for the week.
The Nigerian currency maintained momentum against the United States of America Dollar at the parallel segment of the nation’s forex market.
The Naira on Friday, closed the week at N366 against the greenback, the same rate it has maintained the previous day.
Against the British Pound Sterling, the Nigerian currency also maintained rate of N470 and traded at the rate of N420 against the European Single Currency, Euro, same rate it exchanged for the previous day.
Meanwhile, the President, Association of Bureau De Change Operators of Nigeria (ABCON) Alhaji Aminu Gwadabe, has urged the Central Bank of Nigeria (CBN) to further mop up excess Naira in circulation to sustain its stability.
Speaking to newsmen, Gwadabe said that a Naira mop would sustain its stability. According to Gwadabe, excess Naira liquidity in the economy is an easy tool at the disposal of currency speculators in manipulating the nation’s currency.
The apex bank on Thursday, July 20, sold $20,000 to each of the 3,145 BDCs across the country, translating to $62.9 million supply boost.
