Home News Naira appreciates further, hits 385/dollar

Naira appreciates further, hits 385/dollar

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The naira strengthened to 385 to the dollar on the black market on Thursday, from 395  on Wednesday, and from 457 last Thursday.

On the official interbank market, the naira closed at 308 to the dollar, against 306 last Thursday.

However, currency analysts and economic experts opined that the naira would record further gain in the coming days as the CBN aims to narrow the gap between the official and parallel market rates.

The President, Association of Bureau De Change operators, Aminu Gwadabe, said, “We see the exchange rate converging at some point between 380-400 naira to the dollar in the near term because of the determination of the central bank to increase dollar supply,”

Meanwhile, a currency expert at Ecobank Nigeria, Mr. Kunle Ezun also said the dollar might sell at 375/380 next week if the central bank continued its intervention programme in the forex market.

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