The Western Union exchange rate of Dollar to Naira in Nigeria shows that Naira is fast moving up. The Naira on Wednesday appreciated marginally against the dollar at the parallel market, the newsmen report. The Nigerian currency traded at N365 to a dollar, stronger than N366 its closing rate on Tuesday, while the pound sterling and the Euro exchanged at N468 and N412, respectively.
At the Bureau De Change (BDC) window, the Naira closed at N363 to a dollar, while the pound sterling and the Euro traded at N465 and N414, respectively. Newsmen report that trading at the official interbank market saw the naira closed at N305.50, while the pound sterling and the Euro traded at N395.59 and N347.38, respectively. The naira also extended gains at the import/export window as it closed at N365 to the dollar.
Traders expressed confidence in the ability of the Central Bank of Nigeria (CBN) to stabilise the market through its interventions. Newsmen report that the CBN’s intervention at the foreign exchange market has continued to impact the market positively as the naira had remained stable in the past three months. Many Nigerians have expressed worry that the relative stability in the foreign exchange market had failed to stem the rising prices of commodities in the economy.