Naira closes the week at N385 to 1 dollar, N505 to 1 pound

The Naira on Friday appreciated further against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports. The Nigerian currency closed at N385 to the dollar from N390 it exchanged on Thursday; while it traded against the Pound Sterling and the Euro at N505 and N420 respectively.

At the Bureau de Change (BDC) segment of the market, the naira was sold at N385, N505 and N420 against the dollar, the Pound Sterling and the Euro, respectively. However, at the official interbank market, the naira weakened against the dollar as it closed at N332.05, from N320.25 it posted on Thursday.

Currency traders told NAN that the naira would strengthen further in the coming weeks as most banks had concluded plans to sell Foreign Exchange (Forex) to BDCs.

Mr Harrison Owoh, a BDC operator, said that his colleagues had concluded documentation with banks, adding that the banks would likely resume the sale of forex to them by next week. (NAN)