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The naira has appreciated against the dollar at the parallel market, exchanging at N363 to the dollar, today as against the N364 posted on earlier in the week. The pound sterling and the Euro closed at N477 and N428 to the naira, respectively. At the Bureau De Change (BDC) window, the naira was traded at N363 to the dollar, while the pound sterling and the Euro closed at N477 and N428, respectively.

Trading at the investors’ window saw the naira closing at N367.50 to the dollar.

 

Traders expressed optimism that the interventions by the CBN at the market were capable of closing the gap further between the rates at the parallel market and other segments.

 

Not all the BDCs in the South West bought foreign exchange from the weekly auction on Tuesday. The convergence strategy adopted by the apex bank has drastically reduced the variation in parallel exchange rate market, the development has made the BDC’s to operate at a loss.

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