Exchange Rate Latest: Naira Makes New Gains Against The Dollar

Fabian Ekeruche, NAN: The naira on Thursday appreciated marginally against the dollar at the parallel market at N390 to the dollar, according to NAN reports.

The pound sterling and Euro exchanged at N495 and N420, respectively at the segment.

At the Bureau De Change (BDC). the local currency was sold at N362 to the dollar, while the pound sterling and Euro closed at N495 and N420, respectively.

Trading at the interbank market saw the naira closing at N305.70 to the dollar.

The naira, however, depreciated at the new investors and exports window as it closed at N383.19, weaker than N382.19, its opening rate.

Currency traders in Lagos said that the offer of 20,000 dollars to each of the BDCs on Wednesday helped to stabilise the naira.

NAN reports that the each of the BDCs received 40,000 dollars weekly from the CBN which had boosted liquidity in the market.

The Bank also on Wednesday offered another $150 million to be auctioned at the wholesale windows of the inter-bank market.

With this development, observers are of the view that the value of the naira is sure to strengthen against the other international currencies.

Disclosing these to newsmen, the Bank’s Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, said there was no cause for alarm as the development only proved there was enough to meet the legitimate needs of genuine customers.

He further disclosed that the CBN was in receipt of requests submitted by authorized dealers on behalf of customers for interventions in the retail segment of the market. He, however, added that the CBN will continue its intervention of $20,000 to dealers in the Bureau de Change (BDC) segment this week.

While stressing that the CBN was nearing its goal of rate convergence between that of the inter-bank and that of the Bureau de Change (BDCs), Okorafor reechoed the assurances of the CBN Governor, Godwin Emefiele, to sustain the current levels of interventions in all segments of the market.

Meanwhile, reports gathered in Abuja and Lagos indicate the Naira continued to exchange at an average of N385 to the United States dollar.

On the issue of the banks barred from the Small and Medium Enterprises (SMEs) Forex window, Okorafor said the CBN will ease the suspension immediately any of the erring banks displayed evidence of significant utilization of the fund allocated to them under the targeted SME window.