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Nigerian naira appreciated 3.14% against the United States Dollar to close at N310. 24 at the Inter-bank foreign exchange market, seventy-two days after the Central bank of Nigeria removed peg on the country's currency.
At the parallel market, the currency appreciated slightly tot 475 from 476 to a dollar it closed on Tuesday, September 30th, 2016.
Currency dealers at both segments of the market attributed the renewed pressure on rates to a worsening supply gap at all the segments, even as CBN’s intervention, according to them, has become too thin to assuage the huge demand.
At the parallel market, the currency appreciated slightly tot 475 from 476 to a dollar it closed on Tuesday, September 30th, 2016.
Currency dealers at both segments of the market attributed the renewed pressure on rates to a worsening supply gap at all the segments, even as CBN’s intervention, according to them, has become too thin to assuage the huge demand.