Naira extends gain against dollar
The Nigerian currency gained N4.06 at the interbank market to close at N304.75, from N308.81 posted on Monday.
A trader changes dollars for naira at a currency exchange store in Lagos, Nigeria, February 12, 2015. REUTERS/Joe Penney/File Photo
At the Bureau De Change, BDC, window, the naira was sold at N385 to a dollar, CBN controlled rate, while Pound Sterling and Euro traded at N565 and N504 respectively.
The Naira gained three points at the parallel market to close at N465 to a dollar against N468 posted on Monday.
Also, Pound Sterling and Euro closed at N560 and N510 respectively.
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Traders at the market said that liquidity at the market was being boosted by the weekly sale of forex by Travelex and First Bank of Nigeria, FBN.
Travelex, a licensed International Money Transfer Operator, IMTO, had been selling the proceeds of Diaspora remittances to BDCs for over a month.
Travelex and FBN have been working hard to ensure that liquidity challenges in the North and some other South-South states was reduced by selling forex in these areas.
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