Hope rising for Naira, now N370 to US dollar

The Naira appreciated by N20 on Monday, exchanging for N370 to the dollar at the parallel market.

The News Agency of Nigeria (NAN) reported that the Naira sold at N390 to one dollar on Feb 19.

However, it closed at N199.50 to the dollar as the official bank rate.

A trader, who preferred anonymity, told NAN that the market was hopeful that the Naira would appreciate more by next week.

He said that the Association of Bureau De Change Operators of Nigeria (ABCON) would meet on Tuesday in Lagos to strategise on how the currency would bounce back.

The trader predicted that the Naira could appreciate against the dollar between N200 and N250 next week.

President Muhammadu Buhari had on Feb. 20 insisted that the government would not devalue the Naira in spite of wide gap between the official and parallel markets.