Nigerian Naira on Tuesday, March 21, gained massive 15 points against the American Dollar and Euro but stayed unchanged against the Pound Sterling.
According to reports, the Naira now trades at N430 per Dollar at the parallel market from the previous rate of N445.
The local currency also rose to N450 per Euro from the previous rate of N465 but remained unchanged against the Pound as it still trades at N530.
Dollar to Naira
READ ALSO: Dangote drops out of TOP 100 richest in the world, meet 3 richest Nigerians for 2017
The massive gain is coming as the Central Bank of Nigeria on Monday, March 20, injected additional 180 million dollars, since February when it started its intervention to meet bids for wholesale auction and requests for invisibles such as medicals, school fees and personal travel allowances.
At the official market, the currency closed flat at 307.50 per dollar.
Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) on Tuesday, March
According to him, frivolous demand for dollar has been responsible for the weakness of the Naira.
READ ALSO: Allwell Orji’s colleague reveals why the medical doctor killed himself
The ABCON chief said that CBN’s continued intervention at the Forex market would soon spell doom for speculators and currency hoarders.
“Currency speculators and hoarders would suffer more losses as the CBN injects more dollars to the interbank market.”
0naze
No comments:
Post a Comment