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Naira Bounces Back at Parallel Market


Naira Bounces Back at Parallel Market

Naira on Tuesday appreciated against the dollar at the parallel market after a sustained one week depreciation.

Naira traded between N380 (buying rate) and N390 (selling rate), stronger than N395 recorded on Monday, while the Pound Sterling and the Euro closed at N480 and N415 respectively.

At the Bureau De Change window, the naira was sold at N362 to the dollar, while the 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 market was driving the strengthening of the naira against the dollar.

CBN has continued to boost liquidity at the interbank market and the BDC sector of the foreign exchange market.

Bukunmi Oyelude

I'm what they call "The Quadruple" - I'm a minimalist, a conspiracy theorist, a budding writer, and an info nerd. I operate under the auspices of me. Nerd not noob.

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