Good News For Investors As Naira Rises Again – Report

Good News For Investors As Naira Rises Again - Report
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Good tidings are in order for the Nigerian Naira on Tuesday as it gained against the greenback at the Investors and Exporters window while coming to exchanging at a reduced rate of 424.17 to the dollar.

The current figure had also represented an appreciation of 1.16 percent compared with the 429.12 it exchanged for the dollar on Monday. The open indicative rate closed at 426.20 to the dollar on Tuesday.

Read Also: Naira Crashlands As It Hits ₦430 From ₦422.71 Per Dollar

An exchange rate of 444 to the dollar was the highest rate to have been recorded within the day’s trading before it settled at 424.17. The Naira had also sold for as low as 410 to the dollar within the day’s trading.

A total of 383.59 million dollars was traded in foreign exchange at the official Investors and Exporters’ window on Tuesday.

In another report, Traders at Kairo Market, Oshodi, Lagos, on Thursday commended the Central Bank of Nigeria (CBN) for introducing the digital currency, e-Naira

The traders gave the commendation at a sensitisation programme organised by the apex bank, in collaboration with Bizi Mobile, an e-Naira wallet agent.

The Secretary of Oshodi Market union, Mr Obinna Umeh, applauded CBN for proffering a lasting solution to fake alerts often received by traders, adding that it had been hindering their operations.

“The CBN couldn’t have come at a better time to educate us about e-Naira; there’s almost no day we don’t have to settle disputes about fake alerts, times that we could channel into more productive things.

“I want to applaud CBN for bringing this to Oshodi; as we all know once e-Naira gets running at our market, other big markets and small ones will queue in too. Don’t forget Oshodi is the hub of business in Lagos State.

“I’m happy that e-Naira will help us find lasting solutions to our challenges. We have lots of questions but I am confident that we will get all the answers,” he said.

 

Africa Daily News, New York

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