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Naira Gains Strength Against Dollar At FX Market

FX Market

By Modupe Gbadeyanka

The Nigerian currency, Naira, appreciated in value on Friday against the Dollar at both the parallel and the interbank markets.

The Naira was exchanged for N422 to the dollar as against the N425 to a dollar it traded on Thursday.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro closed at N535 and N464 respectively at the forex market.

The strengthening of the Naira was also recorded at the interbank market with the Naira closing at N314.77 to the dollar, from N331 it recorded at the end of trading on Tuesday.

There are strong indications that the Naira will continue to gain strength with the lifting of the ban on nine banks from participating in the Forex market by the Central Bank of Nigeria (CBN) this week.

The ban had put heavy pressure of the market, causing a sharp rise in the exchange rate.

Market analysts believe that in the coming weeks, things would be better.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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