Sunday, May 9, 2021

Naira loses marginally against dollar at parallel market


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 Thursday lost marginally against the dollar at the parallel market in Lagos, exchanging at N361 to the dollar.

The News Agency of Nigeria reports that the naira traded at 50 Kobo, weaker than N360.5 traded on Wednesday.

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The pound sterling closed at N410.

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At the Bureau De Change, BDC window the Naira closed at N360 to the dollar, while the Pound Sterling closed at N410.

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Trading at the investors’ window saw the Naira closing at N365.12 to the dollar as market turnover stood at 142.64 million dollars.

The naira exchanged at N306.90 at the official CBN window.

READ ALSO: Naira depreciates against dollar at investor’s window

NAN reports that the naira had remained stable at the market largely due to interventions by the CBN.

As the United States and China continue to make progress in trade dialogue and the subsequent rise in the price of oil at the international market, Nigeria’s external reserves was expected to shore up.

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