Naira strengthens to N460/$1 at parallel market on October 14
The Nigerian Naira on Friday, October 14, appreciated by No against the dollar at the parallel market, according to a Lagos- based Bureau De Change operator.
While the Naira strengthened against the dollar to trade at N460/$1 from N468/$1, the local currency now exchange at N560 and N460 from N580 and N520 against the Pound and Euro respectively at the parallel market.
The Naira also closed at N304.50 at the official interbank market, maintaining same rate as at today, October 14.
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However, Aminu Gwadabe, president of the Association of Bureau De Change Operators of Nigeria (ABCON) has called on all genuine forex buyers to purchase it from its members at the official price.
This comes even as he told currency hoarders to sell the Forex at their disposal as the Naira was steadily on its way to full recovery.
A local currency trader who spoke to Mokunfope brymond said the recent come back of the local currency can be attributed to the introduction of Travelex, a licensed forex dealer. He added that the resumption of the sale of Diaspora remittances to licenced BDC operator is currently on-going and expressing hope that the economy would soon rebound.
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