Recession: Naira bounces back on liquidity boost

Follow 9News Nigeria On Social Media

A Federal High Court in Ibadan, Oyo State, has sentenced a former banker with Wema Bank, Ademola Oni, to 12 years imprisonment for conspiracy and money laundering.
Social sharing

By Fabian Ekeruche

The Naira on Thursday appreciated at the forex market barely 24 hours after liquidity challenges forced it to depreciate thrice in six hours, the News Agency of Nigeria (NAN) reports.

The Nigerian currency gained five points to close at N465 at the parallel market, from N470 it traded on Wednesday, while the Pound Sterling and the Euro exchanged at N565 and N505 respectively.

Trading at the Bureau De Change (BDC) window saw the Naira close at N385 to a dollar, while the Pound Sterling and the Euro closed at N560 and N503 respectively.

The Naira also strengthened against the dollar at the official interbank market as it traded at N305 to a dollar, from N306.78 traded on Wednesday.

Mr Harrison Owoh, the Chief Executive Officer of H.J Trust, a BDC operator, said the Naira bounced back as BDCs await the sale of dollars from Travelex, a CBN licenced forex dealer.

Owoh said the Naira would appreciate further by the close of trading when BDCs would have all gotten their weekly forex allocation from Travelex.

NAN reports that the Naira weakened on Wednesday due to dollar scarcity at the forex market, a development that truncated the steady recovery of the currency.

READ ALSO  Leaked Tinubu’s 47 Ambassador Nominees (See Full List)

Meanwhile, currency dealers said the Naira was expected to retain its recovery trajectory due to liquidity boost at the market

Leave your comment on this post

THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.

Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi

The economic crisis and hardship in Nigeria are parts of the discussion.


Watch, leave your comments, and share to create more awareness on this issue.


#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com

Leave your comment

Click on the link below or Scan the QR Code to join the 9News Nigeria WhatsApp Channel

9News Nigeria Investigative Reports WhatsApp Channel
9News Nigeria Investigative Reports WhatsApp Channel
About 9News Nigeria 13308 Articles
9News Nigeria is Nigeria's favourite news source. For Authentic, Unbiased News on Politics, Business, Sports, Technology, Entertainment and Lifestyles, Health, Nollywood, Crime and Investigations, Family and Relationships, Inspirations .. and much more. For Latest News from Africa and around the world, 9News Nigeria is your best source. WhatsApp +2348115805632 Email: info@9newsng.com Facebook: www.facebook.com/9NewsNG | Twitter/Instagram: @9newsng

Be the first to comment

Leave your comment