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Dollar Crashes, Naira Gains at Parallel Market

Farouk Mohammed
By Farouk Mohammed
Published: March 7, 2017
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2 Min Read
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HIGHLIGHT – Naira, Dollar

 


The Dollar on Monday crashed against the Naira, as the Nigerian currency gained 5 points at the parallel market.

Naira Exchange

The News Agency of Nigeria (NAN) reports that the Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday.

However, the Naira weakened against the Pound Sterling but maintained its Euro rate as it traded at N560 and N480, respectively.

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At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, while the Pound Sterling and the Euro closed at N580 and N525, respectively.

The Nigerian currency also traded at N305.50 at the interbank window.

In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the Naira at N370 to a dollar.

Traders expressed the hope that the strengthening of the Naira would reposition the economy for greater productivity.

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They, however, appealed to the CBN to sustain the liquidity boost in the market so that the Naira could sustain its gains against the dollar.

NAN reports that some Nigerians, however, expressed worry that the gains of the Naira against the dollar had not translated in the reduction in the prices of goods and services. (NAN)
FBO/MO

Read more at http://www.herald.ng/dollar-crashes-parallel-market/#T2wto7HtPwgQgAjJ.99

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TAGGED:DollarNairaParallel Market
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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
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Dollar/Naira Rates

Dollar to Naira Rate

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Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 1 day ago

Displayed rates are for informational purposes only and are subject to change.

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