Naira appreciates against dollar at parallel market rate

The Naira on Tuesday gained a point to appreciate against the dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports.

The Nigerian currency closed at N361.6 against the dollar, stronger than N361.7 posted on Monday, while the Pound Sterling and the Euro exchanged at N502 and N470.

At the Bureau De Change (BDC) window, the Naira closed at N362 to the dollar, while the Pound Sterling and the Euro exchanged at N502 and N470.

Trading at the investors’ window saw the Naira appreciating at N360.64, stronger than N360.91 posted on Monday and a reduction of 57 million dollars in transaction.

The investors’ window traded 232.68 million dollars on Monday, while Tuesdays’ transaction was 57.27 million dollars.

The figure below shows foreign exchange transactions across Abuja, Port Harcourt and Kano.

Exchange rates across major cities.

Lagos —      Dollar;     Euro;    Pound sterling
N361.6     N470    N502

Abuja —      N380       N436     N507

P/Harcourt – N361.7  N435    N500

Kano —         N362.5  N435    N498

Traders expressed optimism that the Naira would remain stable in the weeks ahead.

Naira has remained stable due to aggressive interventions of Central Bank of Nigeria at
the nation’s foreign exchange market. (NAN

Read more at www.armanikedu.blogspot.com