SAN FRANCISCO, June 20, (THEWILL) – The Naira continued to extend gains against the United States dollars in the parallel market fueled by the new foreign exchange policy of the Central Bank of Nigeria (CBN), which came into effect Monday.
THEWILL checks show that the naira has appreciated since last Wednesday when the new policy was announced by Governor Godwin Emefiele gaining another N6 Monday to close at N344 – $1. It sold at N350 on Saturday. It has maintained an upward swing since closing at N371 last Tuesday.
It also appreciated against the GBP and Euro trading at N450 from N510 and N370 from N420 against the Pound Sterling and the Euro respectively.
Traders at the market attributed the rise in the value of the naira to the fall out of the implementation of the flexible exchange rate policy by the Central Bank of Nigeria (CBN).
They expressed the hope that the seeming availability of the greenback at the onset of the implementation of the market driven policy would be sustained if speculators do not thwart the process, according to a NAN report.
Governor Emefiele in a letter to President Muhammadu Buhari said he sees the naira stabilizing at N250-$1 overtime.
At the interbank market the currency saw bids hovering between N210 and N290. Two trades were made at N255-$1 before midday according to a Reuters report.
