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Dollar crashes again at parallel market

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Naira gains against dollar, closes at N358/$ at parallel market

The greenback on Monday crashed against the Naira, as the Nigerian currency gained 5 points at the parallel market.

Newsverge reports that the Naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday.

However, the Naira weakened against the Pound Sterling but maintained its Euro rate as it traded at N560 and N480, respectively.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, while the Pound Sterling and the Euro closed at N580 and N525, respectively.

The Nigerian currency also traded at N305.50 at the interbank window.

In other segments of the market, Deposit Money Banks (DMBs) and Travelex, an International Money Transfer Services Operator, sold the Naira at N370 to a dollar.

Traders expressed the hope that the strengthening of the Naira would reposition the economy for greater productivity.

They, however, appealed to the CBN to sustain the liquidity boost in the market so that the Naira could sustain its gains against the dollar.

Newsverge reports that some Nigerians, however, expressed worry that the gains of the Naira against the dollar had not translated in the reduction in the prices of goods and services.

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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