Naira strengthens to N473/$1 at parallel market

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Naira strengthens to N473/$1 at parallel market Nomso Obiajuru Yesterday 56501 Share on Facebook Share on Twitter Send email The Naira on Thursday, October 6, appreciated against the dollar at the parallel market. According to a Lagos based Bureau De Change operator, the Naira has gained 2 points to close at N473 to a dollar from N475 posted on Wednesday, October 5. READ ALSO: Naira stays unchanged at N393/$1 at parallel market Share on Facebook Share on Twitter Dollar to Naira The local currency also exchanged at N590 and N515 to the Pound Sterling and the Euro, respectively. At the interbank market, the naira firmed further against the dollar, gaining 3.53 points to close at N306.71, from N310.24 it posted on Wednesday, October 5. The recent come back of the local currency can be attributed to the introduction of Travelex, a licensed forex dealer. This comes even as traders at the parallel market said that the liquidity challenges appeared to be easing, giving way to the sustained gains of the Naira. READ ALSO: Naira crashes to N425/$1 at parallel market However, the inconsistent rate the Naira has posted against the greenback has raised fear that Godwin Emefiele may have begun the journey to his removal as the governor of the Central Bank of Nigeria (CBN). This follows the decision by the House of Representatives to set up an ad-hoc committee to investigate how the foreign exchange released to Bureau de change operators is utilised. The committee was set up after some members of the House, through a motion, further demanded for Emefiele’s sack following the Naira’s recent free fall against the dollar. Meanwhile, you can check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.




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