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FX rate: Naira appreciates against Dollar

The rate of exchange of Nigerian naira to U.S dollar has crashed at the parallel market as the Nigerian naira additional appreciated against the U.S dollar.

The Nigerian currency gained two points to trade at N363 to the dollar on Tuesday at the parallel market in Lagos, stronger than N365 posted on Monday.

The pound sterling and the euro closed at N475 and N420 respectively at the parallel market presently.

At the Bureau de change window, the Nigerian naira was sold-out at N362 to the U.S dollar, while the pound sterling and the euro changed at N477 and N419, respectively.

Trading at the investors’ window (Forex traders) saw the Nigerian naira closing at N369.50, while it also closed at N305.75 at the interbank market.

Traders at the market attributed the further appreciation of the Nigerian naira to the outcome of the MPC meeting of the CBN today.

Alhaji Aminu Gwadabe, the President of Association of Bureau de change Operators of Nigeria, said that the mop up of liquidity by the CBN was already impacting the rate of exchange absolutely during the MPC committee meeting

Gwadabe said that “the commitments of the apex bank in driving its liquidity mop up in the economy had sent panic to the camps of currency speculators”.

According to him, critical stakeholders in the money market are, by the feat of the apex bank, witnessing a convergence in the prevailing rates between the parallel market and the BDCs.

The MPC rose from its meeting retaining the financial Policy ratio at fourteen per cent alongside other financial policy parameters.

The CBN pledged to intensify its intervention at the nation’s foreign exchange market till the Nigerian naira attained full recovery.

The apex bank added that it’d continue its liquidity mop up in the overall interest of the economy.