Friday, January 8, 2016

Nigeria Appreciates Against US Dollar

Nigerian Naira has appreciated marginally against the US Dollar following the Central Bank of Nigeria’s sale of $15.5m to over 1,500 Bureaux de Change operators during the week.

Naira appreciated by 0.4 per cent on Friday afternoon as it exchanged for N277 against the dollar from N278 it traded for
However, the Naira closed at N197 to the dollar at the official interbank window.
Traders at the parallel market expressed concern that in spite of the resumption of forex auction to Bureaux de Change (BDCs) operators, the scarcity of the US Dollar was still exerting pressures on the Naira.
The change in the strength of the Naira against the US Dollar 
Market traders were hopeful that the Naira could rebound in 2016 if the central bank continues to enforce its current policies on the foreign exchange market.