Naira appreciates slightly against dollar at parallel market
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Naira appreciates slightly against dollar at parallel market

- The naira has gained marginally against the dollar at the parallel market closing at N359.3 to the dollar

- The naira shed 20 kobo from N359.5 traded on Tuesday, June 25, while the pound sterling and the euro exchanged at N463 and N408, respectively

- The naira exchanged at N306.90 to the dollar at the official CBN window

The naira on Wednesday, June 26, in Lagos gained marginally against the dollar at the parallel market closing at N359.3 to the dollar.

The News Agency of Nigeria (NAN) reports that the naira shed 20 kobo from N359.5 traded on Tuesday, June 25, while the pound sterling and the euro exchanged at N463 and N408, respectively.

READ ALSO: I sacked Onnoghen for possessing undeclared foreign, local currencies - Buhari

Legit.ng gathers that at the Bureau De Change (BDC) segment, the naira was sold at N360 to the dollar, while the pound sterling and the euro exchanged at N463 and N408 respectively.

Trading at the investors’ window saw the naira closing at N360.75 to the dollar. Market turnover at the window stood at 278.18 million dollars.

The naira exchanged at N306.90 to the dollar at the official CBN window.

The CBN said it would continue with the managed float foreign exchange policy to ensure that the naira remained stable.

The Apex bank had continued its interventions at the foreign exchange market to shield the naira from the onslaught of currency speculators.

Meanwhile, Legit.ng previously reported that President Muhammadu Buhari revealed why he sacked the retired Chief Justice of the Federation (CJN), Justice Walter Onnoghen, saying that he dealt with him for having in his possession undeclared foreign and local currencies.

The president made the disclosure on Tuesday, June 25, while receiving some Yoruba leaders led by Asiwaju Bola Tinubu at the presidential villa, Abuja.

President Buhari said he had to do what he did to the former CJN even though reluctantly.

He said: “But anybody who cannot account for what he has and for refusing to declare it, we will have to do something about it. I will tell you as, that was why I had to deal though reluctantly with the former Chief Justice because there were millions of dollars, euros not to talk of naira which were not declared.

“I wonder what sort of conscience some of us have. How can you seat and preside over and lock people up for years and even sentence some to death and yet you are not doing what the constitution said you should do by occupying that vital institution.

“So, I stopped getting worried so much, sorry to admit it, when I found out that I could play hoop, step and jump. What I mean is that if it is America, they will do it this way. If it were in Europe, they will do this way but if you go there after 250 to 400 years, how old are we? So I realize that I don’t want to go back to into detention again."

Buhari, who recalled how as a military leader, he clamped suspected looters into detention until they proved themselves innocent, said that these days, suspects deny their property until they are shown their bank accounts.

He maintained that he had decided that property seized from suspects would be sold and the money kept in the treasury to prevent future administrations from returning them to their owners.

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Buhari added: “Now, what I do is when a person cannot justify what he has or fails to declare as the constitution specifies, some of them swear to Almighty God that their property doesn’t belong to them until we show them their bank accounts and their companies then we have some peace."

NAIJ.com (naija.ng) -> Legit.ng We have updated to serve you better

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Source: Legit

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