Naira stays firms at N470/$1 at parallel market

The Naira has stayed firm at N470 to the dollar in the black market, NAIJ.com can report this Monday, October 31.

However, the local currency is expected to strengthen this week on improved dollar supply to the market, currency dealers have predicted.

NAIJ.com recalls that the Naira fell to N470 to the dollar on the parallel market last Friday, as against the N455 to the dollar it was the preceding Friday.

But according to Aminu Gwadabe, president of the Association of Bureau De Change Operators in Nigeria (ABCON), the nation’s currency has been estimated to reverse its losses as traders anticipate improved dollar supply from international money transfer agencies to ease a shortage.

Gwadabe said: “The Naira should appreciate gradually in the coming days after the expected sales of about $21 million by Travelex last Thursday and subsequent extension of dollar sales to bureau de change operators in the other part of the country.”

Travelex and First Bank are authorised by the central bank to sell dollar to BDC to boost liquidity and narrow the gulf with the official rate.