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Naira appreciates, goes for N187

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Naira appreciates, goes for N187

Naira appreciates, goes for N187
February 03
17:06 2015

THE Naira on Friday appreciated against the dollar at both the official and parallel markets, a survey conducted by the News Agency of Nigeria (NAN) in Lagos, has revealed.

The Naira at both segments gained three naira to trade at between N187 and N188, respectively from the N190 and N191 it traded on January 5.

The naira also appreciated against the pound sterling at the Bureau De Change (BDC), trading at N290 from the N292 it traded on January 5.

At the parallel market, otherwise known as black market, it exchanged for N292 from N295 it sold at the beginning of the week.

It, therefore, gained two and three naira, respectively at both segments of the market.

The naira remained firm against the pound sterling at the official (CBN) rate to trade at N260.36k since December 29.

Also, the naira at the BDCs traded for N227 against the Euro from the N229 it sold on January 5.

It went for N233 to one Euro at the parallel market as against the N235 it traded on January 5.

A dealer, Mr Harrison Owoh, Managing Director, HJ Trust Investment Ltd., Lagos, said that the naira appreciated because the market had not been stable after the public holidays.

Owoh said that a lot of the dealers and buyers had not returned from the holidays, thereby making sales to be ‘dull’ because of less demand for foreign currencies.

It was recalled that the CBN in November announced a new exchange rate of N168 to one dollar from the old rate of    N155.

The CBN governor, Mr Godwin Emefiele, said that the measure was to strengthen the economy, following continued slide of oil prices at the international market.

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