The naira gathered strength at the parallel market on Monday, February 22, as an overflow of dollars chased the local currency.
The value of the naira had leaped to around N367 to the dollar causing panic in the money market and the economy at large.
Bureau de Change operators as well as street hawkers sold the greenback between N367 and N37. While the pounds sold at around N496 to N499. As at last week Friday, the value of the naira stood at N370 to the dollar and N500 to the British Pounds.
Also the official rate at the Central Bank of Nigeria (CBN) rose in value to N196.5 to the dollar, even as the external reserves of the country rose slightly for the first time this year. The reserves which had dropped to $27.789 billion rose slightly to $27.793 billion as at February 19, 2016.
Last week the value of the naira had dropped to an all time low of N398 to the dollar and N520 to the pounds.
Naira Gains On Dollar Overflow in Parallel Market As Reserves Soars – https://t.co/CjKFNUO7pt https://t.co/VNIaGba9aU
Naira Gains On Dollar Overflow in Parallel Market As Reserves Soars: The naira gathered strength at the parall… https://t.co/MBPz35680z
Naira Gains On Dollar Overflow in Parallel Market As Reserves Soars: The naira gathered strength at the parall…… https://t.co/uuc7bsrpvS