Lagos, Nigeria Sept 30 (FxMallam) – The Nigerian Naira closed Friday trading at N472 to the dollar after a week of free fall that saw the naira fall to as low as 490 against the greenback.
Confusion had plagued the market with reports suggesting that the Naira might fall to 500 against the dollar by weekend. But the local currency staged a remarkable turnaround late Friday due to concerns that the dollar was heading towards bubble territory.
The Central Bank of Nigeria(CBN) has been selling foreign exchange at the interbank market to ease liquidity, dipping into the country’s reserve which has depreciated to an 11-year-low of $24.61 billion as at September 27, 2016.
One dealer of hard currency we spoke to at the International Airport mentioned that the deal between Travelex and CBN could in fact the Naira continue to appreciate over the next few weeks as evidence of the intended benefits were starting to be seen.
Connect via email