The Naira continued to strengthen to the dollar at the parallel market as the Naira/Dollar buy rate remained stable to close at N445/US$ on Monday, October 17 at the parallel market.
The Nigerian currency also firmed 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.
According to traders at the money market, the CBN, which has been selling dollars regularly to prop up the naira, sold around $1.5 million towards the close of trade on Monday after the market was open for nearly four hours with no deals.
