Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.

 

Naira inches close to N280/dollar

20 October 2016, 11:53

Lagos - The Nigerian currency is making frantic efforts to reach the N280 to the dollar opening rate at the Financial Markets Dealers Quote (FMDQ).

The naira on Wednesday closed at N304.75 to the dollar at the official interbank market from N305 recorded on Tuesday.

At the Bureau De Change (BDC) window, the naira exchanged at N385 to the dollar, while the pound sterling and the Euro traded at N550 and N504, respectively.

Also read: Naira appreciates against dollar

Trading at the parallel market saw the naira exchanging at N450, N545 and N495 to the dollar, pound sterling and the Euro, respectively.

Also read:

Traders at the market expressed optimism that the licensing of additional 20 International Money Transfer Operators (IMTO) would bring more liquidity to the market.

In a bid to conserve the nation’s foreign reserve and to liberalise the foreign exchange market, the CBN is interfacing with IMTOs to sell the proceeds of Diaspora remittances to BDCs.

The decision of the CBN has borne very positive fruits as the naira continues to appreciate at the forex market.

- NAN

Tags nigeria
NEXT ON NEWS24 NIGERIAX
&nbps;

Read more from our Users

Submitted by
Isaac Asabor263
Separating kitchen politics from ...

Like everyone else, I believe that the most popular definition of democracy is “government of the people, by the people and for the people”. Read more...

Submitted by
Bethel Tanifo
Ministry of Niger Delta Affairs, ...

Like NDDC Unlike MONDA. This notion is an intuition that does not portend political participation, affiliation, intrusion or aggression but a submission with the intention of completion of the previous administration's noble vision. Read more...

Submitted by
Bethel Tanifo
Nigerian Constitution versus Corr...

The problems of Nigeria is not in its conventional composition, formation, functionality, constitution or treaty, while the solutions are not disintegrations as promulgated by some faiths fanatics and bigotries.  Read more...

Submitted by
Abdulsalam Jubril
Much Ado about Trump’s Presidency

It was unbelievable when the social and mainstream media all over the world began airing the breaking news of Donald Trump’s victory in the most contentious US Presidential elections in recent years. Read more...

Submitted by
Mike Daemon
Nigerian author highlights gay ch...

A new novel by a prolific young Nigerian author features gay characters, which could help increase the visibility of the gay community and possibly lead to greater understanding of LGBT Nigerians. Read more...

Submitted by
Isaac Asabor263
Your Excellency, I will call you ...

Your Excellency, Governor Adams Oshiomhole, as a leader that pays attention to details, I understand that the odd title of this piece would definitely arouse your curiosity.  Read more...