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Naira appreciates against dollar, exchanges for N460/1$

So, who is afraid of a stronger naira? By Henry Boyo

The Naira on Monday appreciated in all the major segments of the foreign exchange market.

The Nigerian currency gained three points to exchange at N460, from N463 posted on Friday, while the Pound Sterling and the Euro closed at N550 and 476, respectively.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro traded at N547 and N482, respectively.

Trading on the floor of the interbank market saw the Naira closed at N306.00 to a dollar.

Traders at the market expressed delight in the interventions the CBN had made so far in boosting liquidity, adding that its sustenance would turn the economy around in the short to medium term.

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said the association was expecting an increment in dollar sales to its members this week.

Gwadabe said that due to the stability in the oil sector and the increase in the price of oil at the international market, the CBN was now comfortable in entertaining ABCON’s request to increase the volume of dollar sales to its members.

The ABCON boss said that a boost in its weekly volume from 8,000 dollars weekly to 15,000 dollars would sustain the existing efforts in stabilising the Naira exchange rate at the FOREX market.

“We expect that the CBN will increase the weekly dollar sales to about 3200 registered BDC’s nationwide this week.

“This development will help to crash the high exchange rate at the parallel market, thereby stabilising the market that segment of the market.

“The CBN is also collaborating with ABCON to reduce the hiccups encountered by ABCON members in filling their returns to the apex bank,’’ Gwadabe said.

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