Naira gains against Dollar at black market, trades at N386 per dollar
The Nigerian Naira yesterday gained N2 against the US Dollar at the parallel market as it was traded at N386 to the dollar, as against the N388 it closed for on Wednesday.
At the same sblack market, the pound sterling and Euro closed at N495 and N425, respectively.
At the Bureau De Change (BDC), the Naira was N362 to the dollar, the pound sterling exchanged for N492, and the Euro exchanged for N423.
There was little change at the interbank market as the Naira was exchanged at N305.6 to the dollar at the interbank.
Currency traders said that the weekly offering of foreign exchange to BDCs by the CBN was paying off and restoring stability to the exchange rate.
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Alhaji Aminu Gwadabe, the President of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the currency to continue to appreciate in the coming weeks.
Gwadabe said that BDCs had taken measures to ensure that they would not run foul of the law in the foreign exchange market.