– The local currency stays unchanged against Dollar, Pound, and Euro
– The Naira closed at N370 to a Dollar, while the Pound and the Euro traded at N475 and N432, respectively
– The Central Bank of Nigeria (CBN) had earlier resolved to ensure that there was sustained liquidity in the market
The Nigerian Naira on Thursday, August 24, retained its strengthened rate at the unofficial market against the top foreign currencies.
According to ZENITHBLOG.com findings, the local currency maintained the same rates of N370 against Dollar, N475 against Pound and N432 against Euro at the parallel market as it was yesterday, August 23.
Dollar to Naira
Meanwhile, some Bureau de Change operators have mentioned plausible reasons for the steady depreciation of the nation’s currency in spite of series of interventions by the Central Bank of Nigeria, CBN, in the foreign exchange market.
Aminu Gwadabe, President, Association of Bureaux de Change Operators of Nigeria, ABCON, said an apparent devaluation of the interbank market rate was having a negative impact on the Naira.
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Gwadabe noted that investors were uncomfortable with the prevailing multiple rates in the market, adding that multiplicity of rates could engender currency speculation and round tripping.
The expert also said that the demand for foreign exchange by pilgrims was putting the naira in difficulty.
The ABCON chief urged the regulatory authorities to work towards achieving a single market rate.
Do you think N1 can ever become $1 again at Forex Market? Watch Nigerians respond to this question.
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