Naira Records Gain Against Dollar

The Naira appreciated
against the dollar at the official and the parallel markets as at close of trading last Friday.
The Tide source reports that the naira exchanged at N225 for a dollar as against N226, which it traded since March 16 at the Bureau De Change market.
At the interbank, the currency which sold at N197 to the dollar, remained stable at the same price since February.
Similarly, the naira stood firm against the dollar at the black market as it gained 50 kobo to sell at N225.50 compared with N226 traded on March 17.
The currency remained stable against the pound Sterling and euro at N294 and N212 respectively since March 17 at the BDCs.
However, at the official market, it was sold against the two currencies at N293 and N210, making it to shed N3 and N1 off, respectively.
The naira against the two currencies was sold at N299 and N212 respectively at the black market.
Investigations by The Tide at Hotel Presidential confirmed the recorded gains of the naira in the recent past.
According to a BDC operator, the gains recorded indicate that the future of the naira regaining its past value would be determined on the outcome of the results of the forthcoming general elections.
When The Tide visited some banks in Port Harcourt, staff who offered explanations said the stability of the naira since February at the official market was encouraging.
Although they would not give their names, they predicted that the naira would further appreciate in the near future.
Some of the banks visited include, First City Monument Bank, (aFCMB), United Bank for Africa (UBA) and Union Bank amongst others.