Naira strengthens to N460/$1 at parallel market

Naira strengthens to N460/$1 at parallel market

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The Nigerian Naira on Friday, October 14, appreciated by N8 against the dollar at the parallel market, according to a Lagos based Bureau De Change operator.

While the Naira strengthened against the dollar to trade at N460/$1 from N468/$1, the local currency now exchange at N560 and N510 from N580 and N520 against the Pound and Euro respectively at the parallel market.

Dollar to Naira

The Naira also closed at N304.50 at the official interbank market, maintaining same rate as at today, October 14.

READ ALSO: Naira maintains N473 rate against dollar at parallel market

However, Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON) has called on all genuine forex buyers to purchase it from its members at the official price.

This comes even as he told currency hoarders to sell the Forex at their disposal as the Naira was steadily on its way to full recovery.

READ ALSO: Naira appreciates to N470/$1 in black market

A local currency trader who spoke to NAIJ.com said the recent come back of the local currency can be attributed to the introduction of Travelex, a licensed forex dealer.

He added that the resumption of the sale of Diaspora remittances to licenced BDC operator is currently on-going and expressing hope that the economy would soon rebound.

Meanwhile, you can check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.



Source : Naij.com

Naij.com

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