Naira Firms Up to N305/$ At Interbank Market

The Naira, on Thursday, October 27, at the Interbank or Spot FX Market traded at N305 to a dollar, from N306.78 traded on Wednesday, October 26.

At the Bureau De Change, BDC, window, the local currency closed at N385 to a dollar, while the Pound Sterling and the Euro closed at N560 and N503 respectively.

President of the Association of Bureau De Change Operators, ABCON,Aminu Gwadabe, who spoke on the state of the currency, said: “The naira should appreciate gradually in the coming days after the expected sales of about $21 million by Travelex, and subsequent extension of dollar sales to bureau de change operators in the other part of the country.”

Travelex and First Bank are authorised by the CBN to sell dollar to bureaux de change to boost liquidity and narrow the gulf with the official rate.

Also, currency dealers said the Naira was expected to retain its recovery trajectory due to liquidity boost at the market.

The weakening of the Naira on Wednesday was attributed to the scarcity of the dollar at the forex market, a development that truncated the steady recovery of the currency.

Meanwhile, the naira slumped to N466 to the U.S dollar in the parallel market, compared to the rate of N460 at which it traded for on Wednesday.


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