The Naira on Friday, October 28, gained 50k to gain strength against the dollar at the official interbank or Spot FX market, exchanging at N304.50, from N305 posted on Thursday, October 27.
However, at the parallel market, the local currency weakened against the dollar at the parallel market, striking out the N5 it gained on Thursday to exchange at N470 to a dollar. The Pound Sterling and the Euro closed at N565 and N505, respectively, NAN reports.
At the Bureau De Change (BDC) Segment of the market, the naira closed at N385 CBN controlled rate, while the Pound Sterling and the Euro traded at N560 and N503, respectively.
Alhaji Aminu Gwadabe, President Association of Bureau De Change Operators of Nigeria (ABCON) said that during the “ember’’months the demand for the dollar far -outstripped its supply,
Gwadabe noted that currency speculators leveraged on the delay in the sale of forex to BDCs on Thursday to manipulate the market.
He, however, said that the naira was expected to bounce back fully by the coming days as the CBN, Travelex and some commercial banks were working hard to ease the liquidity challenges.
