Naira recovers from depreciation, trades at 390

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[BDC]–After one week of depreciation, the naira appreciated against the dollar at the parallel market on Tuesday, trading at N390.

The nation’s currency traded at N380 (buying rate), and N390 (selling rate), stronger than initial rate of N395 recorded on Monday, while the pound sterling and euro closed at N480 and N415 respectively.

At the bureau de change (BDC) window, the Naira was sold at N362 to the dollar, while pound sterling and the euro closed at N483 and N430 respectively.

Trading at the interbank market saw the Naira close at N306.25.

Traders at the market said the intervention by the Central Bank of Nigeria (CBN) at the different segments of the foreign exchange market has really helped the strengthening of the Naira against the dollar.

The president, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, who had predicted the appreciation of the Naira, said the improved inflows of diaspora remittances into the economy in spite of falling oil prices would fast-track rates convergence and unification.

The CBN had earlier directed BDC operators to credit their balances as the apex bank made moves to increase the apportioned amount to the latter from $8,000 to $10,000 and sell forex to them twice weekly.




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