Thursday, 25 February 2016 12:56

Naira Appreciates At Parallel Market, Sells At N250/Dollar

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The Wednesday on Wednesday appreciated against the dollar at the parallel market to trade between N250 and N280 from N364 at which it sold on Tuesday ending two weeks of free fall when it peaked at N403 against the greenback at the parallel market last week Thursday. The local currency had begun a gradual recovery on Friday, firmed sharply at the parallel market yesterday as retail traders, having anticipated a cut in its official rate and stocked up on dollars, bought the local currency back after the government said it would not devalue.

The naira, however, closed at N197.50 on Wednesday at the official interbank market. The Acting President of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, said the market was reacting to President Muhammadu Buhari’s ‘no devaluation’ stance. He, however, expressed ABCON’s support for President Buhari not to allow further devaluation of the naira.

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