Naira Strengthens Against Dollar at Parallel Market

The Naira on Wednesday strengthened against the dollar as it traded for N240 at the parallel market.

It gained N1 on Wednesday afternoon to exchange for N240 to the dollar, as against N241, its previous rate.

Meanwhile, its rate at the interbank window remained at N197 to the dollar.

Traders at the market were optimistic that the sale of forex by the apex bank would boost activities at the market.

The Central Bank of Nigeria on Tuesday frowned at the continued patronage of forex traders at the parallel market.

Mr Godwin Emefiele, the CBN Governor, stated this while answering questions from newsmen at the end of the Monetary Policy Committee Meeting in Abuja.

He urged genuine forex buyers to use the Bureaux de Change (BDCs) and other authorised sources for forex, adding that their rates were far better than what was obtained at the parallel market.