Naira Gains 4.7% To 535 Against Pound At Parallel Market

 

Naira on Thursday morning trading recorded 4.67 per cent gain at the parallel market, exchanging at N535 to a pound from 560 previous day.

The US dollar and the Euro remained at the parallel market at N455 and N460 respectively.

At the Bureau De Change window, the Naira was sold at N399 to a dollar, the Central Bank of Nigeria-controlled rate, while the Pound Sterling and the Euro closed at N610 and N500 respectively. 

At the interbank window, the Naira closed at N305.25 to a dollar on Wednesday.

Traders at the market urged the CBN to sustain the gains of the new policy by boosting liquidity at the market.

Since the CBN rolled out the new FOREX policy, the Naira had continued to strengthen dramatically against the greenback and other major currencies.

Sustaining the gains of the policy became a subject of debate among scholars and stakeholders in the foreign exchange industry.