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BUSINESS & ECONOMYCOVERNEWSLETTER

Naira Firms Up to N455/$ At Parallel Market

The Naira, on Friday, November 11, gained N5 at the parallel market to exchange at N455 to the dollar at the weekend, compared with the N460 to the dollar recorded on Thursday, November 10.

The positive development was recorded across all segments of the foreign exchange market despite last week’s raid on the market.

Operatives of the Department of State Service, DSS, and Economic and Financial Crimes Commission, EFCC, had on Thursday, raided the market to arrest of some licensed currency dealers who were said to be selling forex above the prescribed limit.

This however did not stop the local currency from gaining grounds as it appreciated on both the interbank and parallel segments of the market. Precisely, on the interbank FX market, the spot rate of the naira scooped N1.45 to close at N304.75 to the dollar last Friday, stronger than the N306.50 to the dollar the previous day.

However, at the Bureau De Change (BDC) segment, the nation’s currency depreciated to N405 to the dollar, from about N400.

 

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