Naira Gains on Dollar at Parallel Market

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  • Naira Gains on Dollar at Parallel Market

The Naira on Monday regained strength against the dollar at the parallel market.

The Nigerian currency gained one point to exchange at N365 to the dollar at the parallel market, stronger than N366 posted on Friday, while the Pound Sterling and the Euro traded at N475 and N420, respectively.

At the Bureau De Change window, the Naira traded at N362 to the dollar, while the pound sterling and the Euro closed at N417 and N419.

The Naira, however, depreciated at the investors’ window as it closed at N367.3 to the dollar.

Trading at the interbank market saw the Naira close at N305.8 to the dollar.

Traders said that activities at the market were low key as stakeholders awaited the outcome of the Monetary Policy Committee meeting of the Central Bank of Nigeria.

The Naira has remained stable for about two months due to the sustained interventions by the CBN at the foreign exchange market.

Traders urged the apex bank to continue to boost liquidity at the market.

About the Author

Samed Olukoya
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 long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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