Naira strengthens against all foreign currencies at parallel market

The Naira on Friday, March 17, continued to make gain against the American Dollar, Pound Sterling and Euro at the parallel market.

According to report, the Nigerian currency gained five points to exchange at N450 to a dollar, from N455 it posted on Thursday, March 16.

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The Naira also strengthened against the Pound and Euro as it now trades at N545 and N472 from the N550 and N480 rates respectively.

Trading at the interbank segment of the market has seen the Naira maintain the N306.75 to a dollar rate.

Currency traders have attributed to recent gain of the Naira to the boost in liquidity by the Central Bank of Nigeria (CBN).

They noted that the CBN had enabled the Naira to sustain its gain against the dollar at the FOREX market.

Newsmen report that the CBN had sustained its intervention at the market to clear the backlog of genuine FOREX buyers.

Meanhwile, you can check out Legit.ng's BDC market here.

Source: Legit.ng