P
ProfRem
Guest
The Nigerian Naira on Tuesday gained 1.31% against United States Dollar to close at N304.79 at the inter-bank foreign exchange market.
The currency also extended appreciation at the parallel market to close at N465 from N470 to a dollar its posted on Monday.
The Pound Sterling appreciated N5 to N560, while Euro closed flat at N510, according to data from the AbokiFx.
The local currency, which had been relatively stable against the greenback, fell last week as fresh scarcity hit the forex markets.
Travelex and First Bank of Nigeria Limited commenced sale of foreign exchange to Bureau De Change operators some weeks ago following the approval by the Central Bank of Nigeria.
Forex traders, however, said last week that the scheme had failed to ease the biting dollar shortage in the country.
“What we get from Travelex is not sufficient,” one trader told Reuters, referring to demand in the market.
The currency also extended appreciation at the parallel market to close at N465 from N470 to a dollar its posted on Monday.
The Pound Sterling appreciated N5 to N560, while Euro closed flat at N510, according to data from the AbokiFx.
The local currency, which had been relatively stable against the greenback, fell last week as fresh scarcity hit the forex markets.
Travelex and First Bank of Nigeria Limited commenced sale of foreign exchange to Bureau De Change operators some weeks ago following the approval by the Central Bank of Nigeria.
Forex traders, however, said last week that the scheme had failed to ease the biting dollar shortage in the country.
“What we get from Travelex is not sufficient,” one trader told Reuters, referring to demand in the market.