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Naira Firms At N359.5 As Dollar, Pound Weaken Further



Data obtained yesterday from the official website of the Association of Bureau de Change Operators of Nigeria (ABCON) has showed that the value of the naira has continued to appreciate against the dollar and pounds sterling in the parallel market.

According to the data, naira appreciated to N359 from N359.5 while pounds sterling dropped to N478 as against the N485 which it traded at the close of business last week.

At the Investors and Exporters window (I&E) the value of the naira appreciated to N362 from N362.58 at the close of tradingon Monday. As the naira weakened at the I&E window, the volume remained low although it was higher than the previous week. Total volume traded on the window last week was $863.81 million.

However, the value of the dollar at the Central Bank of Nigeria (CBN) Interbank foreign exchange market maintained stability trading at N305.7 while the pounds sterling appreciated to N404.31 from N405.63.

Meanwhile, the naira depreciated against the Euro at both the parallel market and the CBN’s interbank foreign exchange market to trade at N421 from N417 and N358.12 against N357.9.