Naira strengthens further against dollar, sells at N450/$

By Abimbola Fashakin, Lagos
The nation’s currency, the Naira has continued to strengthen against the dollar and other major currencies.
The Nigerian currency gained N10 to exchange at N450 to a dollar at the parallel market, while the Pound Sterling and the Euro exchanged at N560 and N470.
At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N610 and N500 .
The Naira traded at N305.50 to a dollar at the inter-bank market.
Traders at the market expressed confidence in the new FOREX policy and its ability to restore the Naira to its lost glory.
Meanwhile, some traders are still in shock at the performance of the Naira, as many believed that the Nigerian currency would sink further to N1,000 to a dollar.
Some of them still live in the denial of the present reality for their selfish gains.

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