Naira Appreciates Against Dollar At Official & Parallel Markets

The Naira on Friday appreciated against the dollar at both the official and parallel markets, a survey conducted by the News Agency of Nigeria (NAN) in Lagos, has revealed. The Naira at both segments gained three naira to trade at between N187 and N188, respectively from the N190 and N191 it traded on Jan. 5. The Naira also appreciated against the Pound Sterling at the Bureau De Change (BDC), trading at N290 from the N292 it traded on Monday, Jan. 5.

At the parallel market, otherwise known as black market, it exchanged for N292 from N295 it sold at the beginning of the week. It, therefore, gained two and three naira, respectively at both segments of the market.

The Naira remained firm against the Pound Sterling at the official (CBN) to trade at N260.36k since Dec. 29. Also, the Naira at the BDCs traded for N227 against the Euro from the N229 it sold on Jan. 5. It went for N233 to one Euro at the parallel market as against the N235 it traded on Monday. Jan 5.

A dealer, Mr Harrison Owoh, Managing Director, HJ Trust Investment Ltd., Lagos, said that the naira appreciated because the market had not been stable after the public holidays.

Owoh said that a lot of the dealers and buyers had not returned from the holidays, thereby making sales to be ‘dull’ because of less demand for foreign currencies.

NAN recalls that the CBN in November announced a new exchange rate of N168 to one US dollar from the old rate of N155.

The CBN Governor, Mr Godwin Emefiele, said that the measure was to strengthen the economy, following continued slid of oil prices at the international market.

Source: News Agency of Nigeria (NAN)