SAN FRANCISCO, June 08, (THEWILL) – The naira on Monday strengthened further as it sold at N216 against the dollar at the Bureau de Change (BDCs).
The currency gained N2 from N218 that it traded at the segment on Friday.
The currency also gained N1 against the dollar at the black market compared to
N216 it sold on Friday, the News Agency of Nigeria (NAN) said in a report Monday.
It exchanged for N196.95 instead of N197 at the CBN rate.
At the BDCs and the black market, the naira has exchanged N336 and N334 to the pound at BDCs and the black market respectively since Monday, June 1.
It has also sold at N302.02 to the pound at the CBN rate since June 1.
The naira has exchanged against the euro for N237 at the BDCs and black market and sold at N221 at the CBN rate since Friday.
Two analysts who spoke to THEWILL said they expect the naira to further strengthen against the greenback and other major foreign currencies, if the federal government stops the fraud-marred petroleum subsidy programme, where over $30 billion is believed to have been stolen since the programme was launched over two decades ago.
