A trader counts a pile of naira notes in Abuja, Nigeria. File picture: Suzanne Plunkett

LAGOS – The naira on Monday appreciated further at the parallel market in Lagos, Nigeria, exchanging at 358 naira (R13.28) to the US dollar, stronger than N359 it traded on Friday.

The pound sterling and the euro traded at 472 naira and 411 naira, respectively.

At the Bureau De Change (BDC) segment, the naira was sold at 360 naira to the dollar, while the pound sterling and the euro closed at 472 naira and 411 naira, respectively.

At the investors’ window, the currency exchanged at 362.58 naira to the dollar, while market turnover stood at $225.6 million.

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), has attributed the currency’s gains to the annual “Chinese holidays and the national elections’’.

”The closure of factories in China and the low demand for dollars has contributed to the gains of the naira at the parallel market,” Gwadabe said. 

NAN/African News Agency (ANA)