Naira Strengthens Further Against Dollar at Investors’ Window

The Naira on Thursday appreciated further against the dollar at the investors’ window, exchanging at N362.78, stronger than N363.10 posted on Wednesday.

It exchanged at N306.25 to the dollar at the official Central Bank of Nigeria (CBN) window.
The Nigerian currency was sold at N359 to the dollar at the parallel market, maintaining same rate for three consecutive days.
The Pound Sterling and the Euro closed at N480 and N413, respectively.
Trading at the Bureau De Change (BDC) segment saw the naira close at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N413, respectively.

Meanwhile, some analysts believe that the naira will remain stable in the weeks ahead.
For instance, Prof. Sheriffdeen Tella, a Senior Economist at Onabanjo University, Ago-Iwoye, Ogun, said many politicians who had stockpiled dollars would convert them to naira to fund their campaigns, hence the market would be awash with liquidity.

September 14, 2018