Naira now exchanges at N400 to a dollar

The Naira on Thursday was sold at N400 to a dollar at the parallel Market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency gained N10 to close at N400, from N410 posted on Wednesday, while the Pound Sterling and the Euro traded at N500 and N430 respectively.

At the Bureau De Change (BDC) window, the Naira closed at N400, while the Pound Sterling and the Euro traded at N530 and N465 respectively.

Trading at the interbank market saw the Naira weaker at N308.00 from N307.75 recorded on Wednesday.

Currency traders expressed the hope that the continuous appreciation of the Naira would affect the economy positively.

Meanwhile, the Association of Bureau De Change Operators of Nigeria (ABCON) has urged the Central Bank of Nigeria (CBN) to loosen its policies on foreign direct inflow and Diaspora remittances as part of efforts at rate convergence.

ABCON President, Alhaji Aminu Gwadabe said that recent development in the FOREX market had made it important for the CBN to review the rate at which it sells FOREX to BDCs.

Gwadabe explained that a fair playing ground for all operators at the FOREX market was needed for the CBN to achieve its goal for rate convergence at the market.