Naira gains against dollar at parallel market

The Naira on Friday firmed up against the dollar at the parallel market, gaining 20 kobo to exchange at N359 to the dollar.

The Nigerian currency traded at N359.20 at the market on Thursday, while the Pound Sterling and the Euro closed at N485 and N417, 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 N485 and N417, respectively.

At the investors’ window, the naira was sold at N362.58, while it exchanged at N305.70 to the dollar at the Central Bank of Nigeria (CBN) window.

The naira had remained stable at the market, hovering between N360 and N359 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. (NAN)