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Friday, September 16, 2016

Naira Stands At N423/$ At Parallel Market

At the resumption of trading at the money market, the Naira, on Wednesday, September 14, closed selling at N423 at the parallel market, from N424 which it traded before the holiday. The Nigerian Currency however gained momentum against the British Pound, as it sold at N550 compared to N555 which it sold last week.

Meanwhile, at the interbank market, it appreciated by 1.39% to the Dollar today to close at N306.33 compared to a fall by 0.86% on Friday when the Dollar traded at N310.64. The Naira to the Pounds Sterling and Euro maintained similar resilience as the Pounds was exchanged for N545 stronger than N550 it was sold for on Friday while the Euro was exchanged at N467 compared with Friday’s rate of N472. Meanwhile, at the Central Bank, N305.5 was exchanged for one US Dollar compared with N305 it was exchanged for previously.

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