Naira gains N20 against dollar

The naira appreciated significantly on Wednesday to trade at N410 to the dollar.
The local currency gained N20 to exchange at N410 to the dollar from N430 posted on Tuesday.
It also firmed against the pound sterling and the Euro as it was traded at N510 to the pound and 435 to the Euro from N530 and N450, respectively.
At the Bureau De Change (BDC) window, the naira was sold at N400 to the dollar, while it closed to the pound sterling and the Euro at N530 and N465, respectively.
Transactions at the interbank market saw the naira closed at N307.75 to the dollar.
Traders expressed mix-feelings over the development in the market on Wednesday.
Mr Yahya Mohammed, a trader, said the new development had raised his optimism that naira could sell for N350 against the dollar tomorrow.
Meanwhile, the new development has put the BDC sub-sector into a very tight corner as some of their clients were no longer comfortable with the prevalent rate.
Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators (ABCON), said BDCs were facing increasing resistance from their clients.
“Some of them insist they can only patronise us at N375 to a dollar,’’ Gwadabe said.