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Naira gains strength against pound, euro at parallel market

Posted by Admin on February 27, 2017 at 10:25 AM

The value of the Nigerian Naira on Monday, February 27, stayed unchanged against the American Dollar at the parallel market.

 

Recall that the Naira had gained 40 points to trade at N460 per dollar rate from N500 on Friday, February 24, a rate it has maintained.

 

However, the local currency has appreciated against the Pound Sterling to trade at N565 from N575 and strengthened against the Euro to trade at N470 from N480.

Naira which rose to an all time high of N522 to the dollar last week Monday had gained N62 by the weekend to sell at N460 to the greenback. The apex bank had sold $370.9 million dollars on Tuesday, February 21 and another $1.5 million on Thursday, February 23, sending the value of the Naira up.

 

According to financial experts, the local currency will continue to appreciate if the status quo is maintained.

 

“There is always a restriction point beyond which the exchange cannot cross except there is a huge forex inflow to breach that ceiling,” a currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said.

 

“The Naira will gain further but it won’t be like last week’s own.”

Nigeria has been running short of dollars as its oil revenues have fallen along with the price of crude.

 

The local currency has plummeted in 30 years from 60 kobo=$1, when Nigeria could not be described amongst the world’s poorest, even when our $17billion reserves is the highest in 30 years.

 

Meanwhile, you can check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.

Categories: International, Business, Economy

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