By Modupe Gbadeyanka
The Naira responded positively to the sale of $10,000 to licenced Bureaux de Change (BDC) operators on Tuesday by the Central Bank of Nigeria (CBN) by soaring by N5 at the parallel segment of the foreign exchange market.
The local currency, which opened for the day at N395 to the Dollar, was traded at N390 both in the afternoon and evening.
Initially, there were fears among traders that the Nigerian currency would hit N400 this week after customers flooded the black market in search of forex after the central bank slashed the Dollar to N360 at the bank.
But the auctioning of $150 million to forex dealers on Tuesday seemed to have done the magic, giving the local currency life again.
However, the Naira remained stable against both the Pound Sterling and the Euro.
The Naira traded all day on Tuesday for N480 per Pound Sterling same rate with the previous day, while it sold for N415 to the Euro, same as Monday.
Adedapo Adesanya