Naira strengthens against dollar

Naira strengthens against dollar
August 10 21:58 2016

The Naira on Wednesday appreciated against the dollar
at the parallel market, the News Agency of Nigeria
(NAN), reports.
The Nigerian currency on Wednesday afternoon gained 
5 points to exchange at N490 to the dollar, from N495 it
traded on Tuesday, representing an appreciation of
1.01 per cent.

The naira also hedged against the Pound Sterling and
the Euro as it traded at N500 and N420, from N510 and
N426 it posted on Tuesday.
 At the Bureau De Change segment of the market, the
naira hedged against the dollar, the Pound Sterling and
the Euro as it closed at N490, N500 and N420
respectively, from N495, N510 and N426 posted on
Tuesday.

The naira extended gains at the official interbank
market as it closed at N317 to the dollar, from N320.25
it posted on Tuesday.
Currency traders expressed optimism that the
intervention of the Central Bank of Nigeria (CBN) at the
Forex market would translate to a steady recovery of
the naira.

Meanwhile, Mr Harisson Owoh, a Bureau De Change
(BDC) operator, said that Deposit Money Banks (DMBs)
were perfecting the documentation required to
commence the sale of dollars to BDCs.
Owoh said that the exercise would, sooner than later,
see to the appreciation of the nation’s currency at the
Forex market.

NAN reports that the CBN had on Tuesday re- issued
the guidelines on the sale of dollars from proceeds of
International Money Transfer Operators (IMTO) by
DMBs to BDCs.
The CBN said that each BDC would be allowed to
purchase a maximum of 30, 000 dollars per week from
an authorized dealer.
The apex bank warned that any violation of procedures
by BDCs would be punished accordingly.

NAN.