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LequteMan
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Nigeria - The Naira appreciated against the Dollar at the parallel market to close at 217 against the green back on Monday from 221 recorded on Friday.
The naira rose on the back of weak demand for the dollar at the foreign exchange markets.
Forex traders linked this to an improved dollar liquidity occasioned by the sustained sales of the greenback by the Central Bank of Nigeria.
According to Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said, “The market has started feeling the effect of the dollar sales by the central bank in the last two weeks and tight measures introduced to prevent cross boarder currency trafficking.”
Traders said bank customers were no longer willing to hold dollars after the central bank banned dollar cash deposits into domiciliary accounts.
“We expect to see more rallies in the market if the central bank could sustain its support for the naira,” Harrison Owoh, a bureau de change operator said, Reuters reported.
The naira was unchanged at the official interbank market at 197 to the dollar, where the CBN has maintained a tight control by pegging it to the rate of 197 to the dollar
PUNCH
The naira rose on the back of weak demand for the dollar at the foreign exchange markets.
Forex traders linked this to an improved dollar liquidity occasioned by the sustained sales of the greenback by the Central Bank of Nigeria.
According to Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said, “The market has started feeling the effect of the dollar sales by the central bank in the last two weeks and tight measures introduced to prevent cross boarder currency trafficking.”
Traders said bank customers were no longer willing to hold dollars after the central bank banned dollar cash deposits into domiciliary accounts.
“We expect to see more rallies in the market if the central bank could sustain its support for the naira,” Harrison Owoh, a bureau de change operator said, Reuters reported.
The naira was unchanged at the official interbank market at 197 to the dollar, where the CBN has maintained a tight control by pegging it to the rate of 197 to the dollar
PUNCH