The Naira on Tuesday, October 18, strengthened further against the dollar at the parallel market trading at N453/$1 than the N455/$1 it exchanged for on Monday, October 17.
The local currency had firmed up to the dollar as the Naira/Dollar buy rate remained stable to close at N445/US$ on Monday, October 17 at the parallel market.
It also rose up to the Euro at N475 compared to Friday’s rate of N490 and also extended gains against the Pound Sterling to trade at N520 to one British Pound, compared to N530 it was exchanged for previously at the parallel market.
The naira which sold around N460 to the dollar at the weekend closed yesterday stronger at N455, although bureau de change operators said the value had hit around N440 during the day.
Also, the naira closed stronger at the interbank market on the back of interventions by the Central Bank of Nigeria, CBN, and a cash crunch which hit the financial system.At the interbank market, the naira sold at N305.5 to the dollar, the highest in the last two months.
Meanwhile, at the Interbank or Spot FX market, on Tuesday, October 18, the Nigerian currency remained steady at 307.77/dollar.
