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Naira appreciates N490/$1 at parallel market

As at noon yesterday, Naira appreciated by N8 to  N490/$1 at the parallel market as against its closing rate of N498/$1 on Friday. At the weekend, the exchange rate closed at N411/$1 at the official Investors and Exporters (I&E) window.

The local currency had appreciated against the US dollar to close at N411 compared to N411.5/$1 recorded on Thursday. Also, the rate dipped at the parallel market to close at N498/$1 compared to N493/$1 recorded on Thursday. This represents a N5 drop after the previous trading day’s significant gain. The naira fell at the parallel market after the previous trading day’s significant increase due to improved forex supply with speculators losing big as ABCON had warned against hoarding and speculative behaviour by dealers, which they said would result in heavy collateral losses.

The CBN, as a fallout of its meeting with ABCON, has moved to increase forex allocation to BDCs and sustain the funding for about 5,000 members of the association.Naira appreciated against the US dollar at the Investors and Exporters window on Friday to close at N411/$1, representing a 50 kobo gain when compared to the N411.5/$1 that was recorded the previous day.

The opening indicative rate closed at N411.58 to a dollar on Friday, representing a 4 kobo depreciation when compared to the N411.54/$1 recorded on Thursday.

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