Naira rebounds against pound, firms against dollar at parallel market

The Nigerian Naira on Tuesday, March 7, appreciated against the Pound Sterling and the Euro at the parallel market but stayed unchanged against the American Dollar.

According to reports, the local currency has strengthened to N555 per Pound as against the N560 rate it was on Monday, March 6.

The Naira also strengthened to N475 against the Euro from the previous rate of N480.

However, the local currency maintained the same N460 per Dollar like it was yesterday, March 6.

At the official market, the currency remained pegged at 305 to the dollar.

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Traders have expressed hopes that the strengthening of the Naira would reposition the economy for greater productivity.

They appealed to the CBN to sustain the liquidity boost in the market so that the Naira could sustain its gains against the dollar.

Recall that the Central Bank of Nigeria (CBN) has said the Naira has being gaining against major international currencies in the foreign exchange market in recent weeks due to its decision to deepen its intervention in the market.

The apex bank also directed Money Deposit Banks to henceforth process and meet the demand for dollars and other foreign currencies within 48 hours.

In a circular made available to journalists in Abuja on Sunday, March 5, Dr Alvan Ikoku, the director of Financial Markets Department, said the order would further make foreign currencies readily available to end users.

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

Source: Legit.ng