The Nigerian naira has recorded a great improvement against the dollar as it continues to stabilize.
The Naira on Tuesday appreciated to N360 to the dollar at the investors’ window, after depreciating for five consecutive days, the News Agency of Nigeria (NAN) reports.
The Nigerian currency gained 54 kobo to exchange at N360, stronger than N360.54 traded on Monday, while it was sold at N305.7 to the dollar at the CBN window.
Trading at the Bureau De Change (BDC) window saw the Naira close at N362 to the dollar while the Pound Sterling and the Euro closed at N510 and N445, respectively.
The Naira exchanged at N362 to the dollar at the parallel market, while the Pound Sterling and the Euro closed at N510 and N445, respectively.
Traders at the market expressed confidence in the ability of the CBN to maintain the stability of the Naira at the foreign exchange market.
NAN reports that with the 22billion dollars Diaspora remittance recorded in 2017 and the increase in external reserves to about 47 billion dollars, the Naira may be on its way to greater stability.