Naira gains marginally against dollar at parallel market

THE Naira on Tuesday strengthened against the dollar at the parallel market, reversing one week of depreciation, the News Agency of Nigeria (NAN), reports.

It traded at N367 to the dollar compared to N369 traded on Monday, while the Pound Sterling and the Euro closed at N485 and N414, respectively.

At the Bureau De Change(BDC) segment, the Naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N485 and N414, respectively.

Investors at the Import and Export (I &E) window bought the dollar at N364.83 with a market turnover of 24.01 million dollars.

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Trading at the official CBN window saw the dollar closing at N306.85.

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), told NAN that the CBN’ special intervention at the foreign exchange market was yielding positive results.

He said this led to the reversal of the losses made in the past one week.

On reports that the recent dollar scarcity was caused by mop up by politicians, Gwadabe said: ”It is neither here nor there, maybe it would have some influence, but the CBN is already handling the situation via its interventions.”

NAN reports that the naira had depreciated significantly in the past one week closing at N369 to the dollar.

Many experts attributed the depreciation to political manoeuvres ahead of the 2019 elections.

Though the CBN had vowed to defend the naira by injecting liquidity to the market, some stakeholders are worried about the sustainability of the policy.