At the parallel market, the dollar remained stable, exchanging at N360, while the Pound Sterling and the Euro traded at N462 and N412.
Browsing: Pound
May faced calls to quit after her election gamble to win a stronger mandate backfired
Currency traders said in spite of the marginal loss of the Naira, the nations’ currency had remained stable
Traders at the market said that they were happy with the performance of the Naira at the market, adding that it would lead to the fall in the prices of goods and services nationwide
Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, said the association was expecting an increment in dollar sales to its members this week
Traders at the market attributed the current onslaught on the Naira to activities of speculators and currency hoarders
It had before Friday exchanged for N498 to a dollar
Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, said the increase in the nation’s external reserves and the global fall in the dollar contributed in the Naira stability
Assessing the market, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, said the naira had prospects of further appreciation in the days ahead
Abubakar Adamu, a currency trader, said that the impact of the sale of forex to BDCs by Travelex had forced the Naira to sustain its recovery trajectory
Traders at the market expressed concern that the scarcity of forex was positioning the naira on a downward trajectory
Traders at the market linked acute forex shortage of the greenback to the poor performance of the naira at the market
The Nigerian currency maintained same value since Wednesday
This week alone, the Naira has lost N60 to the dollar
A financial analyst, Prof. Sheriffadeen Tella of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, attributed the current fluctuation in the parallel market to the activities of currency speculators
A breakdown of Friday’s transactions showed that the Naira appreciated marginally by 10k, against the pound, trading at N254.08 from N254.09 at the official market
At the official market, the naira exchanged for N241.19 to the pound, as against N241.18 that obtained on Monday