Naira apprecate gainst dollar and pounds on parallel market closes at 410/$1

Nigeria official currency naira appreciated aginst the dollar and other major currencies in the parallel market, following the Central Bank of Nigeria, CBN’s intervention in foreign exchange.  The Naira traded N400 to a dollar at the black market on Wednesday in Abuja.

The greenback also traded at N399 to the dollar in Lagos and exchanged at N395 in Abuja, lower than N410 at which it traded on Tuesday. The Naira also appreciated against the Pound Sterling and Euro rate as it traded at N510 and N415 respectively.

The last time the naira traded between N395 and N400 to the dollar on the parallel market was in August 2016.

The significant gains made by the naira on the parallel market, according to market analysts, was a reflection of the improved confidence in the FX market, following the sustained dollar interventions by the CBN since last month.

One analyst also attributed the gains made by naira to the Bureau de Change (BDC) operators that are awash with dollars and with little or no customers to patronise them.