The Naira on Monday 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.
“We expect
that the CBN will increase the weekly dollar sales to about 3200 registered
BDC’s nationwide this week.
“This
development will help to crash the high exchange rate at the parallel market,
thereby stabilising the market that segment of the market.
“The CBN
is also collaborating with ABCON to reduce the hiccups encountered by ABCON
members in filling their returns to the apex bank,’’ Gwadabe said.
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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