Naira bounces back against the dollar

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– The Naira recovered from N470 it traded on Wednesday to close at N465 at the parallel market on Thursday, October 27.
– The Naira also recorded a feat at the trading at the Bureau De Change (BDC) window, closing at N385 to a dollar
– Currency dealers say the Naira is expected to retain its recovery trajectory due to liquidity boost at the market
The Naira appreciated at the forex market by gaining five points to close at N465 at the parallel market on Thursday, October 27.
Thursday’s trading saw the Naira recover from N470 it traded on Wednesday, while the Pound Sterling and the Euro exchanged at N565 and N505 respectively, Vanguard reports. The Naira also recorded a feat at the trading at the Bureau De Change (BDC) window, closing at N385 to a dollar, while the Pound Sterling and the Euro closed at N560 and N503 respectively. The Naira also strengthened against the dollar at the official interbank market as it traded at N305 to a dollar, from N306.78 traded on Wednesday.
Mr Harrison Owoh, the Chief Executive Officer of H.J Trust, a BDC operator, said the Naira would appreciate further by the close of trading when BDCs would have all gotten their weekly forex allocation from Travelex a CBN licenced forex dealer.
Currency dealers said the Naira was expected to retain its recovery trajectory due to liquidity boost at the market. The weakening of the Naira on Wednesday was ascribed to the scarcity of the dollar at the forex market, a development that truncated the steady recovery of the currency.
Meanwhile, the News Agency of Nigeria reports that three tiers of government shared N420 billion as revenue for September as against N510.3 billion shared in August. The minister of finance, Mrs Kemi Adeosun through her permanent secretary, Mr Mahmoud Isa-Dutse, said this in Abuja on Thursday, October 20, at the monthly revenue allocation to federal, states and local governments.
She said the revenue allocation to federal, states and local government for September dropped by N90.2 billion.Adeosun credited the drop to the loss of 45.5 million dollars in federation export sales, despite the increase in average price of crude oil from 46.06 dollars per barrel in May to 48.4 dollars in June.

Posted By Durojaiye (Oga_Blogger)

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