Good news! The Nigerian Naira is gradually gaining more strength against the American dollar at the parallel market.
On Tuesday 18 April, the naira firmed up against the dollar at the parallel market closing at N398 to the dollar.
According to reports by The News Agency of Nigeria, the naira appreciated from the N410 it posted at the segment on Friday while it was traded at N497 and N430 to the pound sterling and Euro respectively at the segment.
At the Bureau De Change, the dollar was sold at N362 to the dollar, while the pound and the Euro closed at N495 and N428 respectively.
Parallel Market Report
Trading at the interbank saw the naira closing at N306 to the dollar. Currency traders are positive that the naira might sustain its appreciation against the dollar as the Central Bank of Nigeria maintained its liquidity boost to all the segments of the market.
According to Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria, BDCs were working hard to close the gap between the official and the parallel market rates.
Gwadabe commended the CBN for increasing the volume of foreign exchange offered to BDCs weekly and promised that its members were ready to drive down the rates if the apex bank continued to inject more liquidity into the sector.
Asides the recent rise of Naira, which has boasted the nation’s economy significantly, UK-based research and financial analysis organization, World Economics, has declared that Nigeria’s economy is out of recession.
The World Economics stated this on Tuesday 18 April via a publication on its website and a thread on Twitter.
According to their statistics of April Sales Managers’ Index (SMI) data, the Nigerian economy is continually growing out of the recession which saw 10 months of consecutive contraction in 2016.
The Market Growth Index grew to 58.5 in April as the monthly Sales Growth Index ticked up to 56.7, its highest value since 2015 and representative of rapid growth
Various businesses in Nigeria have improved further over the past month and company owners are optimistic that the economy will continue to grow and regain strength after the recession.