Tuesday, 23 February 2016 05:59

Naira Appreciates At Parallel Market

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The Naira on Monday appreciated by N20 at the parallel market exchanging for N370 to a dollar. The local currency according to the News Agency of Nigeria (NAN) sold at N390 to one dollar on Feb 19. It, however, closed at N199.50 to the dollar as the official bank rate. A trader, who preferred anonymity, predicted that the Naira could appreciate against the dollar between N200 and N250 next week.

He said that the Association of Bureau De Change Operators of Nigeria (ABCON) would meet on Tuesday in Lagos to strategise on how the currency would bounce back.President Muhammadu Buhari had on Feb. 20 insisted that the government would not devalue the Naira in spite of wide gap between the official and parallel markets.

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