The Naira on Tuesday, November 8, strengthened against the dollar at the parallel market, trading for N465/$1, higher than the N470/$1 rate it maintained for the past one week.
Meanwhile at the Interbank segment of the money market, the local currency gained N44.95 to exchange at N305.27 to the dollar after its Monday’s record of N350. 22.
The gain recorded at the unofficial segment of the market was reportedly boosted by improved dollar liquidity to the Bureau De Change (BDC) arm of the market.
President of Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said efforts being made by the Central Bank of Nigeria to boost supply would make the Naira to appreciate in coming months.
“The CBN Governor, Mr. Godwin Emefiele, met with the International Money Transfer Organisations in London on Saturday. The government is trying to woo these operators to enable them to bring more forex into the country. This will boost supply. Already, the exchange rate which the IMTOs can sell dollars to the banks has been increased from 336 to 375,” he said.
He added that at the association level, committees have been created to check sharp practices in the market.
