Naira strengthens to 468/per dollar, further improvement expected

The Naira on Tuesday continued to gain strength against the dollar at the parallel market, first consecutive gains in over two months.

At the official inter-bank market, the Naira remain steady at N304.75 from N306.71 posted on Friday.

It firmed against the dollar and British pound at the parallel market as it closed at N468, N570 and depreciated against the Euro to N517 as against closing rates on Monday of N470, N580 and N510 respectively.

Traders believed that the resumption of the sale of Diaspora remittances to Bureau De Change (BDCs) by Travelex, responsible for the currency depreciation.

Aminu Gwadabe had said that the regulatory authority had to review the official selling price of dollars to BDCs to encourage Nigerians in Diaspora, whose remittances was being sold to BDCs.

Mr. Gwadabe, who is the President, Association of Bureau De Change Operators of Nigeria, said that the move was to discourage speculators.

He said the sustained appreciation of the nation’s currency would discourage the patronage of parallel market traders.