- The Naira has gained strength against the American Dollar at parallel market
- The local currency however stayed firm against Pound and Euro
- Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange BDC and a rate for foreign school fees
The Naira on Thursday, May 11, gained N2 against the American Dollar at the parallel market.
This follows report that the local currency closed the day at N386 to the Dollar, stronger than the N388 it closed on Wednesday, May 10.
At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively as it was yesterday, May 10.
However, at the Bureau De Change (BDC), the Naira was N362 to the Dollar, while the Pound Sterling and the Euro exchanged for N492 and N423, respectively.
The Naira was exchanged at N305.6 to the Dollar at the interbank.
According to currency traders, the weekly offering of foreign exchange to BDCs by the CBN was paying off and restoring stability to the exchange rate.
On his part, Alhaji Aminu Gwadabe, the president of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the Naira to continue to appreciate in the coming weeks.
He added that BDCs had taken measures to ensure that they would not run foul of the law in the foreign exchange market.
NAIJ.com can report that Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange Bureau De Change and a rate for foreign school fees.
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