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FOREX: Naira stabilises at parallel market today

FOREX: Naira stabilises at parallel market today

On Monday, the 24th of April, 2017, te Nigerian naira stabilised against the dollar at the parallel market of the Foreign exchange.

It was a stable day for the Naira as the currency traded between N380 (buying rate) to N385 (selling rate) on Monday afternoon, which was the same rate on Friday Last week.

In the Pounds and Euro to Naira exchange rate today, the Naira closed at N495 to 1 pound sterling, while the Naira closed at N415 to 1 Euro at the same segment.

The official exchange rate of the Naira to dollar also saw some positives as the Naira at the interbank window closed at N305.95 to one dollar.

Traders and Foreign exchange experts have commended the CBN for sustaining liquidity at the foreign exchange market, they also added that market volatility, which was the major problem before now, was not in the interest of the economy.

The Central Bank of Nigeria had remained resolute in boosting liquidity in all the segments of the foreign exchange market.

The apex bank, had on Friday, created a special window for investors and exporters to have uninterrupted access to foreign exchange, a move stakeholders described as the right direction.

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