Wednesday, 1 March 2017

Naira Strengthens Further, Trades at N425/$


The Nigerian Naira on Tuesday gained N20 to close at N425 per dollar from N445 it traded on Monday.

At the Bureau De Change segment, the local currency was sold at N425 to a dollar and bought at N415. 

While the Pound Sterling was bought at N500 and sold at N510, the Euro was sold for N425 and bought for N420.

Some of the BDC operators said that the provision of forex by the CBN to the commercial banks was responsible for the appreciation of the naira in the market.

Mr Sani Ahmed, one of the operators said that the best way to crash the high rate in the market was the continuous injection of liquidity into the market.

According to him, the appreciation of the naira is a good development for the BDC operators and other investors who require forex for their businesses.

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