Naira strengthens against dollar

*Naira notes.

*Naira notes.

10 August 2016,  Lagos – The Naira on Wednesday appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN), reports.

The Nigerian currency on Wednesday afternoon gained 5 points to exchange at N490 to the dollar, from N495 it traded on Tuesday, representing an appreciation of 1.01 per cent.

The naira also hedged against the Pound Sterling and the Euro as it traded at N500 and N420, from N510 and N426 it posted on Tuesday.

At the Bureau De Change segment of the market, the naira hedged against the dollar, the Pound Sterling and the Euro as it closed at N490, N500 and N420 respectively, from N495, N510 and N426 posted on Tuesday.

The naira extended gains at the official interbank market as it closed at N317 to the dollar, from N320.25 it posted on Tuesday. Currency traders expressed optimism that the intervention of the Central Bank of Nigeria (CBN) at the Forex market would translate to a steady recovery of the naira.

Meanwhile, Mr Harisson Owoh, a Bureau De Change (BDC) operator, said that Deposit Money Banks (DMBs) were perfecting the documentation required to commence the sale of dollars to BDCs.

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