Tuesday, June 15, 2021

Dollar crashes again at parallel market

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Jaafar Jaafarhttps://dailynigerian.com/
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The dollar on Monday crashed against the naira, as the Nigerian currency gained 5 points at the parallel market against the Dollar.

The naira traded at N460 to a dollar, after speculators had forced it 3 points down amid liquidity boost on Friday.

READ  CBN pumps $210m to forex market to strengthen naira

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 window, the naira was sold at N399 to 1USD, while the pound sterling and the euro closed at N580 and N525, respectively.

READ  CBN pumps $210m to forex market to strengthen naira

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 1 USD.

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.

READ  Naira exchanges at 510 to $1 at black market

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.

READ  High hopes for Nigeria as oil prices rise to $70pb

NAN

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