Naira
Naira-Dollar

The Naira on Thursday bounced back at the forex market barely 24 hours after liquidity challenges forced it to depreciate.

It gained five points to close at N465 at the parallel market, from N470 it traded on Wednesday. The Pound Sterling and the Euro exchanged at N565 and N505 respectively.

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Trading at the Bureau De Change (BDC) window saw it close at N385 to a dollar. The Pound Sterling and the Euro closed at N560 and N503 respectively.

It also strengthened against the dollar at the official interbank market as it traded at N305 to a dollar. On Wednesday it traded on N306.78 traded.

Naira Set To Rise Again

The Naira bounced back as BDCs await the sale of dollars from Travelex, a CBN licenced forex dealer. It is expected to further appreciate by the close of trading when BDCs would have all gotten their weekly forex allocation from Travelex.

It weakened on Wednesday due to dollar scarcity at the forex market, a development that truncated the steady recovery of the currency.

Meanwhile, currency dealers said it was expected to retain its recovery trajectory due to liquidity boost at the market.