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Naira appreciates, now 300/dollar

25 February 2016, 13:11

Abuja -  The naira rose further on Wednesday against the United States dollar at the parallel market to 300 from 310 on Tuesday.

The local currency, which closed at 391 against the greenback last Thursday, had risen to 375 and 310 on Monday and Tuesday, respectively.

While linking the recent gain recorded by the naira to significant supplies of forex to the market, forex dealers said the losses recorded by the local currency in recent weeks were “artificial and fuelled by the activities of currency speculators.”

Also read: Naira hits record low at N345/dollar

Also confirming this development to Vanguard, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe said, “We have instructed our members to buy within the regulated exchange rate in the economy.”

ABCON on Tuesday had dissociated itself from the recent depreciation of the naira from N265 per dollar to N400, saying the depreciation was not caused by BDCs.

- News 24

Tags nigeria

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