Naira appreciates against the dollar

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Naira appreciates against the dollar

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Naira has appreciated against the US dollar at the parallel market Tuesday at an exchange rate of N390 to the dollar, following a week of loss of value.The Nigerian currency exchanged for between N380 and N390, a rate showing an improvement on its former position of N395 recorded Monday, at the same time the pound sterling and euro settles for N480 and N415 accordingly.At the parallel market, the Naira exchanged for the dollar at N362 while the Pound Sterling and Euro changed hands for N483 and N430 in that order.The Naira closes at N306.25 at the interbank market.Stakeholders offered that the involvement of the Central Bank of Nigeria (CBN) at the different stages of the foreign exchange market was responsible for strengthening of the naira against the dollar.Before now the President, Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, had forecasted the Naira’s appreciation.Gwadabe assured that increased inflows of diaspora payments into the economy would facilitate rates convergence and unification despite the decreasing oil prices.The CBN is undaunted in boosting liquidity at the interbank market and the BDC sector of the foreign exchange market.An order from the CBN had instructed BDC operators to credit their balances as the apex bank went on to increase their tally from $8000 to $ 10,000 and make forex available twice weekly.

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