Naira Gains Mometum to N365/$ At Parallel Market

The Nigerian Naira, on Monday, July 3, was a good spot as trading resumed the new month at the foreign exchange market.

The local currency gained two points against the greenback to exchange at N365 at the parallel segment of the currency market against the rate of N367, which it traded for on the last market day of June, Friday, the 29th.

Against the British Pound Sterling, the Nigerian currency traded at the rate of N465 and traded at the rate of N410 against the European Single Currency, Euro.

Meanwhile, at the official interbank or Spot FX market, the Naira closed at N305.95 against the American Dollar,  while the pound sterling and the Euro closed at N397.12 and N349.22, respectively.

At the Bureau De Change (BDC) segment, the Naira exchanged at N363 to the dollar, while the pound sterling and the Euro traded at N465 and N412, respectively.

At the investors’ window, the Naira closed at N359 to the dollar.

Following the positive run,  the President, Association of Bureau De Change Operators of Nigeria, ABCON,Alhaji Aminu Gwadabe,said that the outlook of the Naira remained positive.

Gwadabe noted that speculations in some quarters that the Naira would depreciate in the weeks ahead should be disregarded.



Leave a Reply