Monday, 13 March 2017

Naira appreciates against Dollar, Pound in forex market

The Naira on Monday, March 13, appreciated in all the major segments of the foreign exchange market, the News Agency of Nigeria (NAN) reports.
The Nigerian currency gained three points to exchange at N460, from N463 posted on Friday, while the Pound Sterling and the Euro closed at N550 and 476, respectively.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro traded at N547 and N482, respectively.
Trading on the floor of the interbank market saw the Naira closed at N306.00 to a dollar.
Traders at the market expressed delight in the interventions the CBN had made so far in boosting liquidity, adding that its sustenance would turn the economy around in the short to medium term.
Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said the association was expecting an increment in dollar sales to its members this week.
Gwadabe said that due to the stability in the oil sector and the increase in the price of oil at the international market, the CBN was now comfortable in entertaining ABCON’s request to increase the volume of dollar sales to its members.
The ABCON boss said that a boost in its weekly volume from 8,000 dollars weekly to 15,000 dollars would sustain the existing efforts in stabilising the Naira exchange rate at the FOREX market.
The financial expert added that the Naira was expected to extend appreciation across the major segments of the FOREX market this week.
NAN also reports that since the CBN began intervening at the FOREX market, it had spent an excess of 1.4 billion dollars in boosting liquidity at the market.
Some concerned Nigerians have hailed the effort of the CBN in boosting liquidity at the FOREX market, but added that the liquidity boost had not yet translated to the reduction in the price of goods and services in the country.

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