Naira Appreciates Against Dollar, Exchanges at N208/$

The Naira on Friday, regained its strength and appreciated to N208 to the Dollar in the parallel market, compared with N212 it traded for on Thursday.

The British Pound Sterling and the Euro also traded at N330 and N230, respectively, at the parallel market on Friday.

The official interbank exchange rate, however, remained at N197 to the Dollar.

According to Mr Olufukeje Adegbeye, a Wealth Manager, the fluctuation of the Naira is due to the global devaluation of the dollar and recent monetary policies of the Central Bank of Nigeria (CBN).

He says the businessman on the street should be taken into consideration, "some of our manufacturers still depend on the importation of raw materials for their operations.

He also said that the CBN, through its policies, has created avenues for the cross border smuggling of foreign currencies, especially the dollar.