The Nigerian naira maintained its upward trend at the black or parallel segment of the foreign exchange market on Tuesday, February 28.
The local currency traded at the N425 to the American dollar from the rate N450 which it traded at the close of transactions on Monday.
Meanwhile, at the inter-bank rate, the greenback exchanged for N331.6 to the Euro 335.75, while it exchanged at the rate of N394.25 to one British Pound Sterling.
The Bureau De Change (BDC) market in Abuja revealed that BDC operators bought at the rate of N415 and sold at N425.
The BDC operators bought the Pound Sterling at N500 and sold at N510, while the Euro was bought for N420 and sold for N425.
Some of the BDC operators told NAN that the provision of forex by the CBN to the commercial banks was responsible for the appreciation of the naira in the market.
Mr Sani Ahmed, one of the operators said that the best way to crash the high rate in the market was the continuous injection of liquidity into the market.
