Naira Weakens Against Dollar at Parallel Market

Posted by African Examiner Business News, Featured, Latest Headlines Wednesday, June 6th, 2018

(AFRICAN EXAMINER) – The Naira on Wednesday fell by one point exchanging at N361.5 to the dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports.

The Nigerian currency had exchanged at N360.50 to the dollar on Tuesday.

The Pound Sterling and the Euro closed N484 and N420, respectively at the market.

At the Bureaux De Change (BDC) window, the naira was sold at N360 to the dollar while the Pound Sterling and Euro closed at N484 and N420, respectively.

Trading at the investors’ window saw the naira close at N360.95 to the dollar.

At the CBN segment, the naira was sold at N305.95 to the dollar, while the Pound Sterling and Euro closed at N410.71 and N360.16, respectively.

The naira exchanged at N47.83 and N23.93 against the Yuan and the South African Rand.

Currency traders said the demand for the dollar had remained high in spite of the huge interventions of the CBN at the foreign exchange market.

NAN reports that the CBN had been making frantic efforts to keep the naira afloat through its series of interventions at the FX market. (NAN)