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NAIRA SELLS AT 400 NAIRA TO DOLLAR

(Last Updated On: March 24, 2017)

By James, Michael Igiri

 

The Naira on Thursday, 24 th March sold at 400 hundred Naira to a dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency gained 10 naira to close at 400 naira, from 410 naira posted on Wednesday, while the Pound Sterling and Euro traded at 530 and 465 respectively. Trading at the interbank market saw the Naira weaker at 308.00 naira from 307.75 naira recorded on Wednesday.

Currency traders expressed the hope that the continuous appreciation of the Naira would affect the economy positively.

Meanwhile, the Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to loosen its policies on foreign direct inflow and Diaspora remittance as party of effort at rate convergence. ABCON President, Alhaji Aminu Gwadabe said that recent development in the FOREX market had made it important for the CBN to review the rate at which it sells FOREX to BDCs.

Gwadabe explained that a fair playing ground for all operators at the FOREX market for all operators was needed for the CBN to achieve its goal for rate convergence at the market.

 

 

It would be recalled that a series of monetary policies by the CBN, which began with a 60day interim stimulus plan in February has culminated in the Naira gaining against other world currencies including the Dollar, Euro, and the Pound Sterling.

The Apex bank hopes that at the end of the sixty-day timeline, much would have been achieved in terms of strengthening the Naira in the nation’s drive to achieve economic recovery within the shortest possible time.

Source: The Guardian online Newspaper