Naira appreciates against dollar

The Naira on Friday appreciated against the dollar in all the segments of the Forex market.

The Nigerian currency exchanged at N422 to the dollar, gaining 3 points from N425 it traded on Thursday, while the Pound Sterling and the Euro closed at N535 and N464 respectively.

At the Bureau De Change segment of the market, the Naira also strengthened against the dollar, exchanging at N415, and N535 and N460 to the Pound Sterling and the Euro, respectively.

At the inter-bank segment of the market, the Naira extended its gains, closing at N314.77 to the dollar, from N331 it recorded at the end of trading on Tuesday.

Traders at the market expressed the hope that the Naira would appreciate further with the lifting of the ban on nine banks from participating in the Forex market by the Central Bank of Nigeria.

The CBN had earlier banned nine Deposit Money Banks from dealing on Forex for their failure to comply with government’s directive on the Treasury Single Account.