Naira Maintains N362.5/$ At Parallel Market


The Naira on Tuesday maintained N362.5 to the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The Pound Sterling and the Euro closed at N480 and N430.

At the Bureau De Change (BDC) window, the Nigerian currency was sold at N362 to the dollar, while the Pound Sterling and the Euro traded at N480 and N430.

Trading at the investors’ window saw the Naira closed at N360.37 to the dollar, while it closed at N305.80, N408.18 and N365.03 against the Dollar, Pound Sterling and the Euro at the CBN window.

Traders expressed optimism at the relative stability of the Naira against the dollar.

The relative stability of the Naira against the Dollar had impacted positively on price stability of most goods in the market.

The hitherto volatility in the prices of goods and services that greeted the fluctuation in the Naira rates before the intervention of the CBN in February had fast disappeared.

While some experts commended the CBN’s injection of liquidity to the foreign exchange market, others clamoured for productive economy to increase the chances of the nation’s ability to earn in dollars.