Naira continues to appreciate, sells at N440-N445 per dollar

The Naira on Monday continued to extend its gains against the dollar at the parallel market, reports say.

The Nigerian currency exchanged at N440 (buying rate) and N445 (Selling rate) to a dollar, from N445/N450 it traded on Friday, while the Pound Sterling and the Euro closed at N530 and N465.

At the Bureau De Change (BDC) window, the Naira exchanged at N398 (buying rate) and N400 (selling rate), while the Pound Sterling and the Euro closed at N545 and N480.

Trading at the interbank market showed that the Naira closed at N307.50 to a dollar.

Sherifdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago Iwoye, Ogun, said injecting dollars into the interbank market by the CBN is not sustainable.

“I don’t think that injecting dollars into the interbank market is a permanent solution to the challenges at the FOREX market.

“It is only a temporary measure,’’ Mr. Tella said