Naira closes at N362 to dollar at parallel market

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The Naira on Wednesday closed at N362 to the dollar, stronger than N363 posted on Monday at the parallel market, the News Agency of Nigeria (NAN) reports.

The Pound Sterling and the Euro closed at N505 and N442, respectively.

At the Bureau De Change (BDC) window, the Naira exchanged at N362 to the dollar, while the Pound Sterling and the Euro closed N504 and N436, respectively.

Trading at the investors’ window saw the Naira close at N360.67, while it closed at the CBN window N305.7.

Meanwhile, the foreign exchange market witnessed another milestone with the unveiling of BDCs live engine room, www.naijabdcs.com.

Aminu Gwadabe, President, Association of Bureaux De Change Operators of Nigeria (ABCON), said that the engine room would ensure price discovery in the FX market.

Mr Gwadabe noted that the site would also serve as a rallying point for investors’ and journalists who needed to know the exchange rates across the nation.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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