Naira records slight gain at parallel market, closes at N397/$1

Naira records slight gain at parallel market, closes at N397/$1

- The Naira has slightly gained against the United States dollar at the parallel market

- This comes even as the Central Bank of Nigeria continues to fight market speculators and currency hoarders.

- The Naira closed flat at N397, one point better than the previous rate of N398

The Nigerian Naira on Thursday, April 6, gained against the United States dollar at the parallel market as Central Bank of Nigeria continues to fight market speculators and currency hoarders.

According to report, the local currency closed flat at N397, one point better than the previous rate of N398.

The currency also closed flat at N485 against the Pound sterling but depreciated by N5 to N420 against the Euro at the black market segment.

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Dollar to Naira

Dollar to Naira

At the official market, it closed flat at 306.20.

The slight appreciation comes hours after the Central bank of Nigeria (CBN) had intervened in the Bureau De Change (BDC) segment by selling additional $31.3 million or $10,000 to 3,135 BDCs.

NAIJ.com recalls that the apex has pumped more than $2 billion into the market to ensure convergence of all segments of the market since last month.

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Meanwhile, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe commended the CBN for the intervention.

He said: “The intervention will help to checkmate the activities of currency horders and speculators. It also reflects CBN’s determination to continue to strengthen naira and get it out of the grasp of speculators and hoarders.”

Watch traders talk about what has changed in the market since President Muhammadu Buhari's return from London.

Source: Naija.ng

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