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Naira Gains Strength Against U.S Dollar

The Naira on Wednesday appreciated against the dollar in all the segments of the foreign exchange market. The currency gained 9.97 points to exchange at N310.24 from N320.21 it recorded on Tuesday, representing an appreciation of 3.1 per cent.

It also gained a point against the dollar at the parallel market, exchanging at N475 from N476 posted on Tuesday, while it closed against the Pound Sterling and the Euro at N590 and N510, respectively. At the Bureau De Change (BDC) segment of the market, the naira traded at N354 against the dollar, and at N580 to the Pound Sterling and N510 to the Euro.

Traders at the market said that the sale of foreign exchange to BDCs was already easing the liquidity challenges at the market.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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