Naira makes slight gains, exchanges for N457/$

The naira made slight gains on Tuesday against the dollars at the parallel market.

The new figure N457/$ was better than the N465/$ it exchanged for last week.

The President, Association of Bureaux De Change Operators, Alhaji Aminu Gwadabe, said, “The intervention sales of proceeds of international money transfer operators to BDCs have always been positively impactful in the market over the years, The Punch said.

“BDCs remain the most potent tool of the CBN exchange rate stability management.”

The CBN had retained the official exchange rate on its website at N379/$, as it continued moves to ensure the unification of the exchange rates in the country.

Experts have continued to clamour for a single exchange rate.

According to them, it would ease regulatory supervision, ensure transparency and effective price discoveries, and deepen market perfections.