Thursday, May 13, 2021

Naira weakens against dollar at parallel market

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Jaafar Jaafarhttps://dailynigerian.com/
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 fell by one point exchanging at N361.5 to the dollar at the parallel market in Lagos, the News Agency of Nigeria reports.

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

READ  CBN pumps more dollars into market

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.

READ  High hopes for Nigeria as oil prices rise to $70pb

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.

READ  Bureau de change operators lose N130m as naira gains
READ  High hopes for Nigeria as oil prices rise to $70pb

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

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