Naira Sells For N395/$ At Parallel Market

There was slight improvement in the value of the Naira Friday at the parallel market as it was sold for N395 to the US Dollar just  as two banks kick started the sale of foreign exchange to the Bureax de Change operators.
This translated to N5 gain to the local currency which had slumped to N400/$ at the black market on Thursday.
However, at the inter-bank market, the Naira depreciated further to N318.91 , down from the N315.06  to the dollar from the previous day.
Commenting on the latest development, the President of the Association of Bureau de Change (ABDC)Operators Alhaji Aminu Gwadabe,  who had earlier expressed optimism that the Naira would rebound, said:
“The exchange rate today(Friday) was N394, N395/$.As of today only two banks indicated interest to sell the proceeds of international money transfer which they were asked to sell to us. They said they would sell to us at the inter-bank rate plus one per cent. More banks said they would come by Monday(today).”
On the volume sold to them,  he said it was $15,000 per bid maximum, adding that “the bigger banks were unable to give because of logistics. That would be on Monday also for collection.”

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