By Modupe Gbadeyanka
Nigeria’s local currency, the Naira, finished well on Monday on the parallel market against the Dollar with an appreciation of N5 or 0.90%.
Last Friday, the Naira closed at N460 to the Dollar, but ended at N455 per Dollar on Monday at the black market.
At the interbank segment of the market, the Naira was sold at N305.50k to the Dollar.
According to market analysts, this gradual gain of the Naira is made possible due to the appointment of Travelex and First Bank Nigeria Limited by the Central Bank of Nigeria (CBN) as the only two institutions responsible for the sale of the greenback to Bureau De Change (BDCs).
President of the Association of Bureau De Change of Nigeria (ABCON), Mr Aminu Gwadabe, had described this as a good development.
Mr Gwadabe said the CBN’s move would help strengthen the Naira and improve Dollar liquidity in the market.
Modupe Gbadeyanka