Naira Trades at N455/Dollar at Black Market

naira
  • Naira Trades at N455/Dollar at Black Market

The Naira traded at N455 to a dollar amid liquidity boost in the Bureau de Change and parallel market segments on Friday in Abuja.

It also appreciated against the Pound Sterling and Euro as it traded at N545 and N470 to the pound sterling and Euro respectively.

At the Bureau De Change window, the naira continued to trade for N399 to a dollar, N580 to the Pound Sterling and N525 to the Euro.

The Nigerian currency also traded at N305.8 to the dollar at the interbank window.

In other segments of the market, Deposit Money Banks and Travelex, an International Money Transfer Services Operator, sold the naira at N381 to a dollar.

The Central Bank of Nigeria on Thursday offered the sum of $100m as wholesale interventions and sold about 70 million to meet requests for business and personal travel allowances.

The CBN said the move was in a bid to sustain the tempo of foreign exchange supply to the interbank market and ensure liquidity.

According to the apex bank, it is also to enable more people to overcome the difficulty of obtaining forex for their transactions.

The President, Association of Bureau de Change Operators in Nigeria, Alhaji Aminu Gwadabe said the central bank had approved 3,114 of its members to bid for 25 million dollars which was sold on Thursday.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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