Naira gains on dollar

 

The Nigerian currency, Naira, on Thursday gained one point to appreciate against the dollar at the parallel market in Lagos.

In a welcome change to Nigerian businessmen, the Naira exchanged at N439 to a dollar at the parallel market in Lagos, while Pound Sterling and the Euro closed at N580 and N495 respectively.

Investors at the investor’s window traded the naira at N386.25 to a dollar as market turnover stood at 92.18 million dollars.

However, the naira was sold at 379 to a dollar at the official Central Bank of Nigeria (CBN) window.

Market experts say the proposed sale of foreign exchange to Bureau De Change Operators nationwide has sent panic to the camp of speculators, thus leading to the rebounding of the naira at the parallel market.