Naira gains marginally at interbank market

By Abimbola Fashakin, Lagos
The Naira on Wednesday appreciated marginally against the dollar at the interbank market, gaining 25k to exchange at N305.
The Nigerian currency closed at N305.25 on Tuesday.
Trading on the floor of the Bureau De Change saw the Naira sold at N399 to a dollar, CBN controlled price, while the Pound Sterling and the Euro closed at N585 and N506 respectively.
The Naira continued to nosedive at the parallel market, closing at N480 to a dollar, while the Pound Sterling and the Euro traded at N580 and N505 respectively.
Traders at the market said they have been trading under acute Forex shortage.
A BDC operator, Mr. Harrison Owoh, said there had been sustained fall in the sale of foreign currencies to BDCs for two weeks running.
Owoh attributed the shortage to the fall in inflow into the country.
He said, “For two weeks running, BDCs have been getting $8,000 instead of 15,000 weekly dollar sale from Travelex.”

Facebook Comments

Check Also

Oil hits hits $62 amid tightening markets, Saudi purge

Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s ...

Rangers FC set for listing on Nigerian Stock Exchange

Rangers International Football Club of Enugu will soon be floated on the Nigerian Stock Exchange ...