Naira Inches to N280 Per US Dollar

• Naira Inches to N280 Per US Dollar

The Nigerian currency, the Naira is inching towards the N280 to the dollar opening rate at the Financial Markets Dealers Qoute (FMDQ).

The naira on Wednesday closed at N304.75 to the dollar at the official interbank market from N305 recorded on Tuesday.

At the Bureau De Change (BDC) window, the naira exchanged at N385 to the dollar,
while the pound sterling and the Euro traded at N550 and N504, respectively.

Trading at the parallel market saw the naira exchanging at N450, N545 and N495 to the dollar, pound sterling and the Euro, respectively.

Traders at the market expressed optimism that the licensing of additional 20 International Money Transfer Operators (IMTO) would bring more liquidity to the market.

News Agency of Nigeria (NAN) reports that in a bid to conserve the nation’s foreign reserve and to liberalise the foreign exchange market, the CBN is interfacing with IMTOs to sell the proceeds of Diaspora remittances to BDCs.

The decision of the CBN has borne very positive fruits as the naira continues to appreciate at the forex market.