Naira rallies around N390/$ at parallel market

Lagos – The naira on Thursday appreciated
marginally against the dollar at the parallel
market at N390 to the dollar.

The pound sterling and Euro exchanged at
N495 and N420, respectively at the segment.
At the Bureau De Change (BDC). the local
currency was sold at N362 to the dollar, while
the pound sterling and Euro closed at N495
and N420, respectively.

Trading at the interbank market saw the naira
closing at N305.70 to the dollar.
The naira, however, depreciated at the new
investors and exports window as it closed at
N383.19, weaker than N382.19, its opening
rate.

Currency traders in Lagos said that the offer of
20, 000 dollars to each of the BDCs on
Wednesday helped to stabilise the naira.
NAN reports that the each of the BDCs received
40, 000 dollars weekly from the CBN which had
boosted liquidity in the market.

Source: Vanguard

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