Naira gains against dollars, trades at N950/$1

Naira gains against dollars, trades at N950/$1 

Naira appreciated at the foreign exchange market on Friday, November 3, trading at N950/$1 as against the N1,024/$1 it traded on Thursday, November 2.

This comes after the Central Bank of Nigeria (CBN) commenced the clearance of forex backlogs.

This step was taken by the central bank to boost the value of the Naira in the currency market after plunging to a low of about N1,300/$1 some days ago in the parallel market and the P2P.

According to reports, the apex bank was clearing a $7 billion backlog of matured foreign-currency forward transactions that have weighed on the Naira.

Credit : instablog9ja