Lagos – The low demand for dollar at the parallel market on Wednesday forced naira to appreciate further against dollar, the News Agency of Nigeria (NAN) reports.
The Nigerian currency gained N5 in Lagos to exchange at N460 to a dollar from N465 recorded on Tuesday.
Also, the Pound Sterling and Euro closed at N560 and N500 respectively.
At the Bureau De Change (BDC) window, the dollar was sold at N385, being the Central Bank of Nigeria (CBN)’s controlled rate.
Also, the Pound Sterling and Euro traded at N560 and N503 respectively.
However, the naira weakened against the dollar at the interbank market, losing N2.49 to close at N307.26 against N305.27 recorded on Tuesday.
Traders at the market said that the demand for the green back was low due to the political situation in the U.S.
Mr Harrison Owoh, a BDC operator, said that stakeholders in the market were painstakingly watching the political situation in U.S and its effect on the country’s economy.
Owoh said that in the coming days, the demand for the dollar was likely to remain low until the successful transition from a Democratic to a Republican Government in U.S.
We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.
Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at email@example.com
Follow us on twitter @newsbeatportal
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535
Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.