FOREX: NAIRA APPRECIATES, SELLS AT N462 TO A DOLLAR

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[FOREX]–The Naira on Thursday marginally appreciated against the dollar,  gained three points to exchange at N462 to a dollar, after it closed at N465 on Wednesday, while the Pound Sterling and the Euro closed at N550 and N477, respectively in the parallel market.

The Naira exchanged at N305.80 at the interbank market, while it exchange at the Bureau De Change window at N399 to a dollar, a CBN controlled rate.

The Pound Sterling and the Euro closed, on the other hand closed at N550 and N500, respectively.

An economist, Mr Harrison Owoh has, however, attributed the instability in the exchange rate in spite of liquidity boost in the FOREX market to excessive demand for dollars.

Owoh said that the injection of $1.14bn by the Central Bank of Nigeria to the interbank market were majorly at the service of letters of credits and invisibles, adding that it is the cash at hand that brings down the exchange rate not just letters of credit.

He further explained that the resumption of China, the seat of importation business, from a full month holiday which slowed down the importation activities of Nigerian importers, had made the demand for FOREX outstripped its supply.




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