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Naira Consolidates Gains At Forex Market

Some business persons in Lagos have expressed hope that the economy would soon rebound as the Nigerian currency continues to appreciate in all the major segments of theFOREX market. In separate interviews with the News Agency of Nigeria in Lagos, they called on their fellow business persons to exercise patience and act to salvage the naira.

Uche Mba, a motorcycle spare-parts dealer noted that the appreciation of the naira at theFOREX MARKET was gradually breeding calm in the economy. According to him, the development will sooner than later lead toPRICEstability of goods and services. Obi Edwards, an importer of gas cylinders said that the liquidity challenge in sourcing forex was already reducing as most Bureau De Change (BDC) operators were selling forex.

Mr. Edwards expressed the hope that if the situation continued unabated, it would reduce the fluctuation in thePRICES of goods and services. Stella Shogunle, a dealer in female handbags, said that it was good news that the naira had continued to appreciate at the forex market for about three weeks. She called for patriotism from all Nigerians to ensure that currency speculators do not thwart the wind of progress in theFOREX market. The naira continued to hedge against the dollar in all the major segments ofTHE FOREX market. At the parallel market, the naira closed at N460 to the dollar, from N468 it posted on Wednesday, while the Pound Sterling and the Euro traded at N560 and N510 respectively.

About 1700 BDCs in Lagos and Abuja sold dollar at N380 controlled rate, while the Pound Sterling and the Euro exchanged at N558 and 500, respectively. The naira closed at N304.50 at the official interbank market, maintaining same rate as at Wednesday. Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) called on all genuine forex buyers to purchase it from its members at the official price. Mr. Gwadabe called on currency hoarders to sell the forex at their disposal as the naira was steadily on its way to full recovery.

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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