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Naira gains upper hand against dollar

Naira gains upper hand against dollar

- After a free fall of the naira, the money scored some foreign exchange points against the American dollar

- The rate of purchasing the dollar with the Nigerian currency on Friday, September 2 was less by 3 points to the rate of exchange for Thursday, September 1

- Central Bank of Nigeria lays embargo on nine different Deposit Money Banks (DMBs)

News Agency of Nigeria (NAN) gathered that the Nigerian currency on Friday, September 2 gained some upper hand over the American dollar in all the sectors of the foreign exchange market.

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The naira was exchanged at a rate N422 to a dollar, making the Nigerian money to score 3 points from the N425 it was exchanged with a dollar on Thursday, September 1.

Naira gains upper hand against dollar

Nigerian naira

Moreso, one British pound sterling and a euro were bought for N535 and N464 respectively.

In the parallel exchange sector of the forex market, the naira likewise appreciated against the dollar, being sold at N415, N535 and N460 to a dollar, one pound sterling and one euro, respectively.

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At the inter-bank sector of the foreign exchange market, the Nigerian money moved its appreciation as its gained, closing at N314.77 to a dollar, from N331 it recorded at the end of trading on Tuesday, August 30.

Buyers and sellers at the forex market showed the belief that the Naira would strengthen more with the lifting of the embargo on nine banks from being involved in the foreign exchange market by the Central Bank of Nigeria (CBN).

NAN further learnt that the apex bank had layed embargo on nine Deposit Money Banks (DMBs) from participating in the foreign exchange market  for their failure to obey with government’s ordes on the Treasury Single Account (TSA).

Earlier on Friday, September 2, the scarcity of foreign exchange pushed the naira to an all-time-low of 422 against the United States dollar at the parallel market.


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