Saturday, May 21, 2022

Naira hedges against dollar at parallel market

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Jaafar Jaafar
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The Naira on Wednesday exchanged at N359.80 to the dollar at the parallel market in Lagos gaining 20 kobo from N360 exchanged on Tuesday.
The Pound Sterling and the Euro, however, closed at N482 and N419, respectively.
At the Bureau De Change, BDC, segment, the naira traded at N360 to the dollar, while the Pound Sterling and the Euro exchanged at N482 and N419, respectively.
Trading at the investor’ window saw the naira close at N360.91 to the dollar, while it exchanged at N305.75 at the CBN official window.
Traders said they expected the naira to remain stable as the CBN continues its interventions at the foreign exchange market.
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