The Nigerian Naira strenghten further at the parallel market on Monday, exchanging at N358 to the dollar, stronger than N359 it traded on Friday while the Pound Sterling and the Euro traded at N472 and N411, respectively.

According to Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), the appreciation of the naira to the dollar is due largely 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.

At the Bureau De Change (BDC) segment, the naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N472 and N411.

At the investors’ window, the currency exchanged at N362.58 to the dollar, while market turnover stood at 225.6 million dollars.