The Nigerian naira has recorded an improvement at the parallel market against major currencies.
Currencies
The naira on Tuesday closed at N363.32 to the dollar at the investors’ window while market turnover at the window stood at 51.14 million dollars, the News Agency of Nigeria (NAN) reports.
At the official CBN window, the naira exchanged at N306.60.
It was sold at N360.50 at the parallel market in Lagos, while the Pound Sterling and the Euro closed at N480 and N417, respectively.
Trading at the Bureau De Change (BDC) window saw the naira close at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N417, respectively.
Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria(ABCON) said the sustained fiscal discipline of the CBN would impact positively on the stability of the naira.
Gwadabe said that in spite of the shedding of the external reserves, the CBN was capable of sustaining a stable exchange rate.
” The reasons for the shedding of the external reserve is that the outflows outstrips the inflows as a result of the election year.
”However, due to sustained fiscal discipline of the administration, the scenario will have little or no impact on the sustained exchange rate stability,” Gwadabe said.
(NAN)