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Naira increases to 217 against dollar

18 August 2015, 15:10

Abuja - The naira appreciated against the United States dollar at the parallel market on Monday to 217, from 221 recorded on Friday, Punch reports.

The naira rose on the back of weak demand for the dollar at the foreign exchange markets.

Forex traders linked this to an improved dollar liquidity occasioned by the sustained sales of the greenback by the Central Bank of Nigeria.

Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said the market has started feeling the effect of the dollar sales by the central bank in the last two weeks and tight measures introduced to prevent cross boarder currency trafficking.

Also read: Naira appreciates against pound, dollar at forex

The CBN had increased the frequency of dollar sales to the BDC operators two weeks ago to twice-weekly from the usual once a week previously in a move meant to increase liquidity in the market and support the local currency.

Traders said bank customers were no longer willing to hold dollars after the central bank banned dollar cash deposits into domiciliary accounts.

Read more at Punch

- News 24

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