Nigeria: ‎Naira Strengthens Against the Dollar

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The naira, Nigeria’s local currency on Thursday gained N2 against the dollar at the parallel market as it was traded at N386 to a dollar, better than the N388 it closed on Wednesday.

At the same segment, the pound sterling and the Euro closed at N495 and N425, respectively.

At the Bureau De Change (BDC), the naira was N362 to a dollar, while the pound sterling and the Euro exchanged for N492 and N423, respectively.

Alhaji Aminu Gwadabe, the President of Association of Bureau de Change Operators of Nigeria (ABCON), said that he expected the naira to continue to appreciate in the coming weeks.

Gwadabe assured that BDCs had taken measures to ensure that they would not run foul of the law in the foreign exchange market.

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