Naira firms up against the dollar at parallel market now exchanges for N398 per dollar

Naira, which has been fluctuating, closed at N398 to the dollar to firm up against the dollar at the parallel market on Tuesday.
According to the report from the News Agency of Nigeria the naira appreciated from the N410 it posted at the segment on Friday

Naira was traded at N497 and N430 to the pound sterling and Euro, respectively, at the segment.

Also at the Bureau De Change, the dollar was sold at N362 to the dollar, while the pound and the Euro closed at N495 and N428 respectively. Interbank trading saw the naira closing at N306 to the dollar.

Traders still expressed optimism that the naira might sustain its appreciation against the dollar as the CBN maintained its liquidity boost to all the segments of the market.

In the meantime, Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, has stated that Bureau De Change were working hard to close the gap between the official and the parallel market rates.

He further applauded the CBN for increasing the volume of foreign exchange offered to BDCs weekly and promised that its members were ready to drive down the rate if the apex bank continued to inject more liquidity to the sector.