The Naira on Friday sustained its gains against
the dollar as liquidity boost by the Central
Bank of Nigeria (CBN) had forced a crash in the
price of the greenback.
The News Agency of Nigeria (NAN) reports in
Lagos that the Naira exchanged at N460 to a
dollar at the parallel market, gaining 40 points
from N500 it recorded on Thursday.
NAN also reports that the Pound Sterling and
the Euro traded at N575 and N480 respectively.
At the Bureau De Change (BDC) window, the
Naira closed at N399 to a dollar CBN controlled
price, while the Pound Sterling and the Euro
exchanged at N610 and N520 respectively.
Trading at the interbank window saw the Naira
closed at N305.50 to a dollar.
Traders at the market expected the Naira to sell
for less than N400 to a dollar if the boost in
liquidity by the CBN was sustained.
Meanwhile, Alhaji Aminu Gwadabe, the
President, Association of Bureau De Change
Operators of Nigeria (ABCON) said that
currency speculators were expected to lose
billions of Naira to the new forex policy.
Gwadabe said that speculators were already
overwhelmed by the policy as they were taken
by surprise by the move of the apex bank.
NAN reports that the new CBN policy directing
banks to sell forex for school fees, medicals and
other allowances was already impacting
positively at the market.
