The Nigerian naira has improved against the dollar at the parallel market with many expecting a turnaround.
Currency
The Naira on Wednesday closed at N362 to the dollar, stronger than N363 posted on Monday at the parallel market.
The Pound Sterling and the Euro closed at N505 and N442, respectively.
At the Bureau De Change (BDC) window, the Naira exchanged at N362 to the dollar, while the Pound Sterling and the Euro closed N504 and N436, respectively.
Trading at the investors’ window saw the Naira close at N360.67, while it closed at the CBN window N305.7.
Meanwhile, the foreign exchange market witnessed another milestone with the unveiling of BDCs live engine room, www.naijabdcs.com.
Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), said that the engine room would ensure price discovery in the FX market.
Gwadabe noted that the site would also serve as a rallying point for investors’ and journalists who needed to know the exchange rates across the nation.