BREAKING NEWS

Naira Stabilises at N497 to a Dollar at the Open Market

Photo credit: Flagpedia.net

By Juliana Agbo

 

 

The Naira on Monday stabilises at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery.

 

NAN, reports that the Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515 posted on Friday.

 

At the Bureau De Change (BDC) window, the Naira traded at N399 to a dollar, a rate it would maintain for the rest of the week, while the Pound Sterling and the Euro traded at N604 and N522 respectively.

 

Trading at the interbank market saw the Naira weakened further at N305.25 to a dollar, from N305 posted on Friday. Traders at the market said that the scarcity of the greenback remained visible.

 

According to the News Agency of Nigeria, NAN, since the closure in the sale of forex to BDCs last December, the spike in the Naira exchange rate had continued unabated.

 

Worried by the development, the Association of Bureau De Change Operators of Nigeria (ABCON) last week pushed for the adoption of a single rate at the market.

 

Alhaji Aminu Gwadabe, the President ABCON, argued that multiple rates were frustrating efforts at stabilising the Naira and fast tracking its recovery trajectory.

 

Gwadabe expressed optimism that the resumption in the sale of about N250 million dollars, to members of the association this week would help in addressing liquidity challenges in the market.

NAN

About blackconnoisseur (386 Articles)
Journalist

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: