Naira Firm at N388 to US$

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The naira was able to maintained its value of  N388 per dollar at the parallel market on Wednesday.



According to reports, the parallel market exchange rates ranged from N383 per dollar to N389 per dollar, the average closing rate is N388 per dollar at the close of business on Wednesday.

The Central Bank of Nigeria (CBN) is also expected to sell $20,000 to each of the over 3000 bureaux de change, hence boosting dollar supply and hopes of further naira appreciation before the end of the week.

However, the apex bank yesterday indicated intention to sell undisclosed amount of dollars to banks to settle a backlog of demand for airlines, fuel and raw material imports.

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