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Naira Appreciates to 455 Per Dollar at Parallel Market

Nigerian naira on Thursday continued to appreciate against Dollar at the parallel market.

The currency gained 2 naira to 455 against the dollar and N5 to 580 against Euro from 585 it traded previous day.

It remained flat at 550 to a Pound sterling at the parallel market.

At the Bureau De Change (BDC) window, it exchanged at N399 to a dollar, the CBN’s controlled rate, while the Pound Sterling and the Euro traded at N547 and N480, respectively.

At the interbank window, the Naira depreciated to close at N306.75 to a dollar.

This is coming as the Central Bank of Nigeria (CBN) cleared 110 more Bureau-de-Change operators to take part in the weekly dollar sale to boost liquidity and support the naira which is weak on the black market.

According to the president of Nigeria’s bureau de change operators, Aminu Gwadabe, “the central bank has cleared a total 3,124 operators for this week’s $25 million auction to be sold by international money transfer firm, Travelex, at 381 naira per dollar.”

Farouk Mohammed

Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 5 years and focused more on Local/World News on Okay.ng
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