Naira stabilises, traders optimistic of rebound soon

Lagos traders on Friday were optimistic that the economy would soon rebound as the Nigerian currency continues to appreciate in all the major segments of the forex market.

The Naira on Friday continued to hedge against the dollar in all the major segments of the forex market. At the parallel market, the Naira closed at N458 to the dollar, from N462 it posted on Thursday, while the Pound Sterling and the Euro traded at N560 and N510 respectively.

About 1, 700 BDCs in Lagos and Abuja sold dollar at N380, controlled rate, while the Pound Sterling and the Euro exchanged at N558 and 500, respectively. The Naira closed at N305.50 at the official interbank market, maintaining same rate as at Thursday.

While speaking with Business247 News Online on Friday, Mr Uche Mba, a motorcycle spare-parts dealer noted that the appreciation of the Naira at the forex market was gradually breeding calm in the economy.

According to him, the development will sooner than later lead to price stability of goods and services.

Mr Obi Edwards, an importer of gas cylinders said that the liquidity challenge in sourcing forex was already reducing as most Bureau De Change (BDC) operators were selling forex.

Edwards expressed the hope that if the situation continued unabated, it would reduce the fluctuation in the prices of goods and services.

Mrs Stella Shogunle, a dealer in female handbags, said that it was good news that the Naira had continued to appreciate at the forex market for about three weeks.

She called for patriotism from all Nigerians to ensure that currency speculators do not thwart the wind of progress in the forex market.

Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) called on all genuine forex buyers to purchase it from its members at the official price. Gwadabe called on currency hoarders to sell the forex at their disposal as the naira was steadily on its way to full recovery.