Naira gains N10 against Dollar, edges closer to N350/$1 at parallel market
Naira gains N10 against Dollar, edges closer to N350/$1 at parallel market
The Nigerian
Naira on Thursday, March 23, edged closer towards N350 per Dollar at the
parallel market otherwise known as black market.
This
follows reports that the local currency now trades at 380 to 400
against the US Dollar as it also appreciated to 500 and 430 against
Pound sterling and Euro respectively.
According
to Yahya Mohammed, a trader, the new development has raised optimism
that Naira could sell for N350 against the Dollar tomorrow.
Dollar to Naira
Meanwhile, the new development
has put the BDC sub-sector into a very tight corner as some of their
clients were no longer comfortable with the prevalent rate.
Alhaji
Aminu Gwadabe, President, Association of Bureau De Change Operators
(ABCON), said BDCs were facing increasing resistance from their clients.
“Some of them insist they can only patronise us at N375 to a dollar,’’ he said.
NAIJ.com
recalls that the Central Bank of Nigeria has been intervening on the
official market to try to narrow the currency spread with the black
market rate, which was 520 to the dollar a month ago.
The Apex bank sold $1.5 million on Wednesday, March 22, at 307.75, weaker than the 307.50 it intervened previous session.
