​Naira maintains strength against foreign currencies at parallel market

  • The local currency stays strong against Dollar, Pound and Euro at parallel market
  • The Naira closed at N363 to a Dollar, N432 to Euro while the Pound traded at N485
  • The Central Bank of Nigeria (CBN) had earlier resolved to ensure that there was sustained liquidity in the market

The Nigerian Naira on Wednesday, January 10, retained its strengthened rate at the parallel market against Dollar.

Information gathered revealed that the local currency maintained the same rates of N363 against Dollar, N485 to £1 and N432 to one Euro as it was yesterday, January 9.

Recall thar the Association of Bureaux De Change Operators of Nigeria (ABCON) on Wednesday listed recipes for a stronger naira and a more stable exchange rate in 2018.
Alhaji Aminu Gwadabe, President of ABCON, said the recipes were agreed at a meeting of the operators in Lagos.

Gwadabe urged the CBN to ensure the convergence of deposit money banks rate and that of the BDCs, for a healthy competition that would achieve a stronger naira.

He also called for the deepening of the BDC’s scope of operations by allowing them to transact on SME remittances.