Naira sustains gain against USD at the FX market

The Naira on Tuesday sustained its gain against the dollar at the FOREX market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency exchanged at N455 (Buying rate), N457 (selling rate) at the parallel market, from the N455/460 it traded on Monday, while the Pound Sterling and the Euro closed at N547 and N480, respectively.

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

At the interbank window, the Naira closed at N306.25 to a dollar.

Traders at the market were hopeful that improved liquidity at the interbank market would lead to a fuller recovery of the Naira.

Meanwhile, Alhaji Aminu Gwadabe, President Association of Bureau De Change Operators of Nigeria (ABCON), has said that the Bureau De Change (BDC) operators were key drivers of the Central Bank of Nigeria (CBN)’s intervention at the interbank market.

Gwadabe re-echoed the need for an upward review of the volume of FOREX sold to BDCs from 8,000 dollars to 15, 000 dollars weekly.

According to him, the review would help to narrow the gap between the official and parallel market rates.

NAN reports that the CBN had injected over 1.4 billion dollars in a series of interventions at the interbank market, saying that the liquidity boost was geared towards stabilising the exchange rate.

This it said, was by meeting the need of genuine seekers of FOREX for personal and business travels.

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