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Friday, 24 March 2017

Naira Appreciates, Sells At N385 Per Dollar

naira

By Ogbolu George

The naira continues to strengthen against the dollar, has it now sells at N385 to a dollar on the black market on Thursday, from N395 on Wednesday.

The currency also appreciated against the British pound to N505 per pound on the black market.

According to economic experts, the naira will experience further gain in the coming days as the Central Bank of Nigeria (CBN) aims to narrow the gap between the official and parallel market rates.

On the official inter-bank market, the naira closed at 308 to the dollar, against 306 last Thursday.

Kunle Ezun, a currency expert said the dollar might sell at 375/380 next week if the central bank continues its intervention programme in the Forex market.

According to him, if the naira sells at that rate, the incentive to do round-tripping will no longer be there and that would be good for the market, economy and the country.


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