Tuesday, February 28, 2017

Nigeria: Naira Gains Massive 7% Against Dollar To Close At 425

The Nigerian Naira staged a huge comeback against the dollar, appreciating by a massive 7 per cent against the greenback on the black market.

The currency at the close of business exchanged at N425 per dollar, the highest it has been in weeks.

According to the News Agency of Nigeria (NAN), BDC operators in Abuja bought at the rate of N415 and sold at N425.

The BDC operators bought the Pound Sterling at N500 and sold at N510, while the Euro was bought for N420 and sold for N425.

For the inter-bank rate, the dollar exchanged for N331.6, Euro 335.75, while the pound exchanged for N394.25

Some of the BDC operators said the provision of forex by the CBN to the commercial banks was responsible for the appreciation of the naira in the market.

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