The Nigerian naira is on the path to recovery as it has appreciated against the dollar and other currencies.
Currency
The Naira on Thursday appreciated against the dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports.
The Nigerian currency gained one point to exchange at N362, stronger than N363 posted on Wednesday, while the Pound Sterling and the Euro traded at N494 and N424, respectively.
Trading at the Bureau De Change window saw the naira close at N362, while the Pound Sterling and the Euro were sold at N494 and N424, respectively.
At the investors’ window, the naira closed at N360.97, while it closed at the official CBN window at N305.95.
The table below show the exchange rates across major cities in Nigeria.
Exchange rates, May 31
Dollar Pounds Euro
Lagos 362 495 428
Abuja 362 490 420
Kano 363.5 495 428
PH 363 500 426
Traders expressed confidence that the interventions of the CBN at the market, if sustained, would continue to drive a flattened rate across board.
However, experts urged the Central Bank of Nigeria (CBN) to be proactive in driving a single market rate across board.