FOREX: Naira Strengthens Against Dollar, Euro at Parallel Market

The Naira on Thursday, March 16, strengthened against the American Dollar and Euro at the parallel market, but stayed unchanged against Pound.

It was gathered that the Nigerian currency gained two points to exchange at N455 to a dollar, from N457 it posted on Wednesday, March 15, while it gained five points to exchanged at N480 to the Euro, from the previous rate of N485.

However, the local currency remained unchanged against the Pound Sterling as it still trades at N550.

At the Bureau De Change (BDC) window, the Naira traded at N400 to a dollar, while the Pound Sterling and the Euro closed at N550 and N487, respectively.

Trading at the interbank segment of the market saw the Naira closing at N306.75 to a dollar.

According to currency traders, the boost in liquidity by the CBN had enabled the Naira to sustain its gain against the dollar at the FOREX market.

Newsmen report that the CBN had sustained its intervention at the market to clear the backlog of genuine FOREX buyers.