– The Nigerian Naira has remained relatively stable
– The local currency has been hovering between N360 and N365 at the parallel market this month
– Currency traders says the relative stability is worthy of celebration
The Nigerian Naira on Friday, July 28, maintained its strength against the Dollar at the parallel market as it closed the day at N365/$1, the same rate it finished yesterday, July 27.
The local currency also stayed firm against Euro as it traded at N424, the same rate it has maintained in the last 24 hours.
However, the Naira gained one point against the Pound to close the day at N474, from the previous rate of N475.
Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), has called for calm among its members on the present reality.
According to Gwadabe, the relative stability in the foreign exchange market, where the BDCs play critical role, is worthy of celebration, in spite of dwindling profit in the sector
“Sometimes, it is not all about profit in business; stability in the foreign exchange market is our ultimate concern and the BDCs are partnering with the CBN to achieve that,’’ Gwadabe said.
The Naira has remained relatively stable, hovering between N360 and N365 at the parallel market.
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