Naira Bounces Back!
The Naira seems to be crawling out of the den.
It appreciated against the dollar at the parallel market after previous loses.
The Nigerian currency trades between N380 (buying rate), and N390 (selling rate) stronger than N395 recorded on Monday, while the Pound Sterling and the Euro closed at N480 and N415 respectively.
At the Bureau De Change (BDC) window, the Naira was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430.
Trading at the interbank market saw the Naira closed at N306.25.
Traders at the market said that the intervention by the Central Bank of Nigeria (CBN) at the different segments of the foreign exchange market is boosting the naira.
Meanwhile, Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) had predicted the appreciation of the naira as BDCs set to receive more Diaspora remittances.
Gwadabe said that the improved inflows of Diaspora remittances into the economy in spite of falling oil prices would fast-track rates convergence and unification.