Thursday, 23 February 2017

Naira Gains Further, Trades at N470 per dollar

Naira on Thursday gained further with N30 against the dollar to trade at N470 against N500 it traded at the start of business for the day.

The development saw many Nigerians rushing to the market to sell their foreign currency.

Traders say buyers are skeptical, while the market is full of speculations even though the Bureau de change operators have not started receiving supply from the Central Bank of Nigeria, CBN, as promised yet.

The market has witnessed strengthening of the Naira since early in the week.

The is as the apex bank changed its policies in the supply of the foreign exchange.

On Tuesday about $500 million was released through the interbank market where the 23 banks bought $371m in the market.

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