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Naira gains against dollar at interbank market

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Photo credit: NairaFX

The Naira on Wednesday appreciated against the dollar at the interbank market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency gained 50k to close at N304.50 compared to N305 it traded on Tuesday.

At the Bureau De Change (BDC) window, the Naira was sold at N400 CBN controlled rate, while the Pound Sterling and the Euro traded at N565 and N500, respectively.

Skeletal, but clandestine trading at the parallel market saw the Naira close at N470 to a dollar, while the Pound Sterling and the Euro closed at N565 and N500, respectively.

Traders said that dollar scarcity persisted in the market as dealers seek more unconventional ways of meeting the needs of their customers.

Security agents have repeatedly raided the black market in a bid to force down the exchange rate.

The Central Bank of Nigeria on Tuesday backed the ongoing crackdown on currency parallel market traders.

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