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Naira stabilises against dollar

The Naira on Wednesday remained stable against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The currency of the strongest economy in Africa exchanged at N347 to the dollar, maintaining its Monday rate.

Also the Pound Sterling and the Euro closed at N470 and N375 respectively.

Meanwhile the official interbank rate closed on a positive note at N282.32 to the dollar.

Traders at the market remarked that the greenback was still scarce in spite of the intervention of the apex bank at the interbank segment of the market.

NAN reports that the first Naira- Settled OTC FX Futures trade has been executed between the Central Bank of Nigeria (CBN) and Citi Bank Nig. Ltd on FMDQ.

This is coming barely three days after the launch of the OTC FX Futures Market in Lagos.

Meanwhile, the Association of Bureau De Change Operators of Nigeria (ABCON) rose from a stakeholders meeting with the CBN with a call for the inclusion of its members in the new forex regime.

The ABCON President, Alhaji Aminu Gwadabe explained that ABCON was ready to collaborate with the apex bank to ensure a smooth implementation of the Flexible exchange rate policy.

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