Naira appreciates against dollar

The Naira on Tuesday appreciated against the dollar in all the segments of the forex market. The currency gained N44.95 to exchange at N305.27 to the dollar at the inter-bank market after its Monday’s record of N350. 22. At the parallel market, the naira gained N5 to exchange at N465 from N470 it traded on Monday, while it went for N565 and N510 against the Pound Sterling and the Euro, respectively.

Trading at the Bureau De Change (BDC) Segment saw the currency exchange at N385, the control rated of the Central Bank of Nigeria (CBN) and at N564 against the Pound Sterling and N510 for Euro. Assessing the market, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said that the naira had prospects of further appreciation in the days ahead.

He said that the CBN was working with Nigerians in Diaspora to woo more remittances back home. According to Gwadabe, the CBN had a robust meeting with stakeholders and Nigerians in Diaspora at the weekend in London on way to boost liquidity in the foreign exchange market. He said that more International Money Transfer Operators (IMTOs) had indicated interest in facilitating the repatriation of remittances from abroad.