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Naira strengthens to N1400/$ on parallel market

O

olagold1

Member
AfriCoin
4,250
The Naira on Wednesday, March 20, exchanged for N1400 against the Dollar in the parallel market.



Parallel market operators bought at N1400/$1 from holders of dollars looking to sell, marking a significant boost in the value of the Naira in recent weeks.

According to Nairametrics, the foreign investors’ appetite for CBN’s OMO auction and Nigeria’s Treasury bills might be connected to the recent gains of the naira in the past few days. The apex bank had earlier reported that foreign investors dominated Treasury bills and OMO auctions as about 75% of subscribers were foreigners.
 
Hopefully, the appreciation of naira is sustained and the impact felt in all sectors of the economy especially where manufacturing and retailing are concerned. It is hightime the country's economy thrived without any dependence on any foreign currency. It is still a long way to go but it is definitely a step in the right direction.
 
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