Naira appreciates against foreign currencies at parallel market

- The Naira has gained strength against Dollar, Pound and Euro

- The Naira closed at N362 to a Dollar, while the Pound and the Euro traded at N505 and N442, respectively

The Nigerian Naira on Monday, April 30, appreciated at the parallel market against Dollar, Pound and Euro.

According to Legit.ng findings, the local currency strengthened to N362 per US dollar as against the N363 rate it was on Friday, April 27.

Meanwhile the Association of Bureaux De Change Operators of Nigeria (ABCON) will on Wednesday, May 2, 2018, launch www.naijabdcs.com, a live rate engine room created by the association to promote transparency and price discovery in the foreign exchange (FX) market. The platform would be launched in Lagos, This Day reports.

PAY ATTENTION: Read the news on Nigeria’s #1 new app

ABCON President, Alhaji Aminu Gwadabe, said the group had secured the Central Bank of Nigeria’s (CBN’s) no- objection approval on the engine room. The approval, he said, reaffirmed the regulator’s commitment to a transparent and viable forex market where stakeholders’ interests are protected.

Gwadabe said the world is going digital, and Bureaux De Change (BDC) operators under his leadership were committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to their numerous customers.

Can 1 Naira ever become 1 US dollar again on the Forex market? - on Legit.ng TV.

Source: Legit.ng