Naira Appreciated Marginally Against The Dollar At The Parallel Market After 50K Gain

The Naira on Wednesday appreciated marginally against the dollar at the parallel market, after it gained 50k to exchange at N362.50, stronger than N363 posted on Tuesday, while the Pound Sterling and the Euro traded at N473 and N422 respectively.
At the Bureau De Change (BDC) window, the Naira was sold at N363, while the Pound Sterling and the Euro traded at N472 and N423 respectively.
Nigeria’s currency, however, depreciated at the investors’ window, selling at N368.50 from N367.28 to the dollar.
Traders at the market said that uncertainty in the exchange rate impacted trading as buyers exercised caution with market forces still having free reign since the implementation of the flexible exchange rate policy.
Though, the Central Bank of Nigeria (CBN) has discontinued its exchange rate cap, it had remained committed in its interventions and ensuring a robust and stable exchange rate policy. The stability and availability of foreign exchange has impacted positively on the expansion of the manufacturing sector as reflected in the Purchasing Managers Index (PMI) for July.