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Naira Remains Stable Across the Board

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Naira Exchanges at Stable Rates on Key Fx Segments

The Nigerian Naira remained stable across all the foreign exchange segments on Tuesday, according to Investors King’s daily forex data.

The Naira was exchanged at N450 to a US dollar on the parallel market on Tuesday, the same rate it traded on Monday and Thursday.

Against the British Pound, the local currency traded at N550, the same rate it was sold on Monday and on Thursday as reported by Investors King.

Naira traded at N485 against the Euro single currency on Friday, Monday and Tuesday, today.

This same stability continues across the bureau de change segment despite low liquidity and economic uncertainty. Naira exchanged at N452 on BDC.

However, on the Investors and Exporters’ Forex Window, the local currency was exchanged at N386.50 to a US dollar on Monday, down from N385.75 it was sold on Thursday and better than the N387.39 it opened the day and high of N391.29

A total turnover of $14.27 million was recorded during the trading hours, below the $31.81 million recorded on Thursday –the last trading day of last week.

The Central Bank of Nigeria official exchange rate remains N361 to a US dollar.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.