Naira Sells @ N318 To $1 In Parallel Market


SAN FRANCISCO, February 23, (THEWILL) – The Naira Tuesday closed at N318 to US$1 in the parallel market, extending its 2-day rally against the greenback, according to a survey conducted by THEWILL across the markets. The naira closed at N364 against the dollar on Monday.

Currency dealers interviewed by THEWILL attributed the gains to over supply of dollars in the markets. One currency dealer said he bought from a seller at N295-$1. It was not immediately clear as at press time why the markets are awash with the greenback considering that it was scarce a few days back. “There is plenty dollars in the market. I have about $50, 000 that I am yet to sell,” one dealer said.

President Muhammadu Buhari has reiterated that the government would not devalue the naira from its official rate of N199.50 – $1 despite pressures from the West and some interests.

Alhaji Aminu Gwadabe, the Acting President of the Association of Bureau De Change of Nigeria (ABCON), said in Lagos on Tuesday that the body had decided to introduce weekly foreign exchange rate band.

Gwadabe said that this would be used as a guide to all Bureau De Change Operations (BDCs) and members of the public on the prevailing exchange rate across the country.

According to him, this is to forestall exploitation of foreign exchange end-users and also to ensure that they are informed enough to avoid falling victims of exploitation.