Naira steadies against dollar, crashes against Pound

The Naira on Friday, February 3, continued to extend its stability against the dollar at the parallel market.

According to one of NAIJ.com’s Bureau De Change sources, the local currency still exchanges at N498 to a dollar, but has crashed to N616 and N527 against the Pound Sterling and Euro respectively.

However, the Naira is expected to appreciate next week as the Central Bank of Nigeria (CBN) has stepped in to meet forex shortages.

The local currency is expected to make gains after the CBN released around $660 million to quench greenback shortages in Africa's biggest economy.

On his part, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), said that the increase in the nation’s external reserves and the global fall in the dollar contributed in the Naira stability.

Gwadabe said that ABCON had also embarked on a sensitization campaign to enable its members operate by the rules.