Naira sustains recovery at forex market

The Naira on Monday sustained its recovery trajectory in all the major segments of the forex market, the News Agency of Nigeria reports.

The Naira gained five points to exchange at N455 to the dollar at the parallel market, from N460 it traded on Friday, while the Pound Sterling and the Euro closed at N545 and N490 respectively.

Trading at the Bureau De Change window saw the Naira exchanged at N380 to the dollar, while the Pound Sterling and the Euro exchanged at N558 and N507 respectively.

The Nigerian currency firmed against the dollar at the official interbank market as it closed at N305 to the dollar, from N307 recorded on Friday.

Abubakar Adamu, a currency trader, said that the impact of the sale of forex to BDCs by Travelex had forced the Naira to sustain its recovery trajectory.

Adamu noted that currency hoarders were also selling the forex at their disposal and that was easing the liquidity challenges at the market.

NAN recalls that Alhaja Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria on Friday, advised currency hoarders and speculators against continued hoarding of forex.

Gwadabe said that the resumption in the sale of forex to BDCs and the transparency in the sale would lead to drastic reduction in gap between the official rate and the parallel market rate.

The ABCON boss advised Nigerians to avail themselves of the services of BDCs as they were sure to buy forex at controlled CBN rate.