Naira strengthens against dollar, trades at N380/$1

Naira strengthens against dollar, trades at N380/$1

The Naira closed the week stronger on Friday at the parallel market, as it consolidated its position against the US dollar.

The Naira was traded at N380 to $1 on Friday afternoon, with prices hovering between N380 (buying rate) and N390 (selling rate) – which was an improvement in comparison to the N400 it traded the previous day.

The pound sterling and Euro closed the week on Friday at N490 and N430 respectively.

Bureau De Change rates had the Naira at N399 to $1, while pound sterling and the Euro exchanged for N500 and N400.

At the interbank market, the Naira also made gains, closing at N307 in comparison to N308 on Thursday.

Alhaji Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria, said that the liquidity boost by the Central Bank of Nigeria at the interbank market plunged prices down, noting that BDC operators licensed by the apex bank are expected to incur about N130 million in regulatory losses as a result.