Naira To A Dollar Stability Remains ₦490


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The Naira on Tuesday 3rd January, stabilised at ₦490 to a dollar at the parallel market in spite of speculations that it would depreciate to N500 to a dollar by the end of 2016.

The Pound Sterling and the Euro also closed at ₦585 and ₦505 respectively.

At the Bureau De Change (BDC) window, the dollar exchanged at ₦399, CBN controlled rate, while the Pound Sterling and the Euro traded at ₦598 and ₦510, respectively.

Trading at the interbank market saw the dollar closed at ₦305.

Traders at the market said that Forex scarcity was still having its toll on the market.

Reports states that in spite of the one billion dollars backlog of Forex cleared by the CBN, the Naira has remained within ₦490 to a dollar.

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) said that the figure was a far cry from the monthly Forex demand in the country.

“The $1b inflow is far less than what the economy consumes. The entire FX market is over 20 billion dollars monthly.

“The cleared backlog of the CBN are funds that came through the FMDQ OTC foreign investment that came into the economy over time and the CBN has no option than to redeem it, to close the increasing gap of investors’ confidence,’’ Gwadabe said.

Source: NAN

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