Naira Appreciates Significantly Against Dollar

In latest figures obtained at the close of market trading on Tuesday, March 21, the nation's currency - Naira - appreciates significantly against the US Dollar at the parallel market.

File photo

 

The Naira has continued to appreciate against the dollar at the parallel market.

 

The Nigerian currency on Tuesday afternoon traded at N420 (buying rate) and N430 (selling rate), while the Pound Sterling and the Euro closed at N530 and N450 respectively.

 

Trading on the floor of the Bureau De Change (BDC) showed that the Naira closed at N400 to a dollar, while the Pound Sterling and the Euro traded at N545 and N480 respectively.

 

The Naira remained stable at the interbank market, exchanging at N307.50 to a dollar.

 

Traders at the market said that they were happy with the performance of the Naira at the market, adding that it would lead to the fall in the prices of goods and services nationwide.

 

Meanwhile, Mr Emefiele Godwin, Governor of the Central Bank of Nigeria (CBN), said that the bank was optimistic to see the further convergence of the official and parallel market rates.

 

Emefiele said this, while fielding questions from newsmen at the end of the two- day Monetary Policy Committee (MPC) meeting of the CBN in Abuja.

 

“We are determined to see a greater convergence of the official and parallel market rates,’’ Emefiele said.