Naira appreciation continues, trades for N850/$ at parallel market

The Nigerian currency, naira continued its appreciation against the United States dollar on Wednesday as it ended at N850 per dollar at the close of trading.

Ripples Nigeria had reported that the Nigerian currency appreciated on Tuesday, ending the day at N915 per dollar 24 hours after the Central Bank of Nigeria announced that it was intervening with some measures to curb the fall of the naira. It had earlier traded on Monday at N950 to a dollar.

Bureau de Change operators in Lagos said they bought and sold the naira at N830 to a dollar and N850 to a dollar on Wednesday, adding that demand was lower compared to last week.

READ ALSO:Naira gains against dollar after CBN’s proposed intervention

However, in Abuja, a BDC operator, Aminu Zakari, said he bought and sold the dollar for N860 per dollar and N845 per dollar. According to him, there has been uncertainty in the parallel segment of the market following the announcement by the CBN

At the Investor & Exporter forex window, trading commenced at N781.66 to a dollar and reached a high of N799.90 per dollar before closing at N759.86 to a dollar on Wednesday.

It had earlier, on Tuesday, closed at N781.30 to a dollar.

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