Naira firms up against USD at parallel market

The Naira on Friday firmed up against the dollar at the parallel market, gaining 20 kobo to exchange at ₦359 to the dollar, the News Agency of Nigeria (NAN) reports.

The Nigerian currency traded at ₦359.20 at the market on Thursday, while the Pound Sterling and the Euro closed at ₦485 and ₦417, respectively.

Trading at the Bureau De Change (BDC) window saw the naira close at N360 to the dollar, while the Pound Sterling and the Euro remained at ₦485 and ₦417, respectively.

At the investors’ window, the naira was sold at ₦362.58, while it exchanged at ₦305.70 to the dollar at the Central Bank of Nigeria (CBN) window.

NAN reports that the naira had remained stable at the market, hovering between ₦360 and ₦359 to the dollar.

Meanwhile, the apex bank had begun sensitisation workshops for importers on the effective implementation of the Naira-Yuan exchange modalities.

Experts were of the view that the China-Nigeria currency swap deal would lead to a further appreciation of the naira against the dollar across the entire segments of the market.

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