Naira Fares Well Against US Dollar At Parallel Market [Oct. 31]

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Naira Strengthens To N435/$ From N525 As CBN Continues Intervention

The Naira appreciated marginally against the US Dollar at the parallel market in Lagos on Monday, gaining N2, the News Agency of Nigeria reports.

The local currency exchanged at N468 to the dollar as against N470 it traded on Friday, October 28, while the Pound Sterling and the Euro closed at N565 and N510, respectively.

READ ALSO: How Nigeria’s Naira Faired Against The US Dollar [Oct. 28]

At the interbank market, however, the naira depreciated against the dollar, eroding the gains of Friday in that segment. It shed N4.31 to close at N308.81from N304.50 posted on Friday.

Trading at the Bureau De Change, BDC, window showed that the currency closed at N385 to the dollar, while the Pound Sterling and the Euro traded at N564 and N504, respectively.

READ ALSO: How Nigeria’s Naira Fared Against The US Dollar [Oct. 5]

A BDC operator, Abubakar Adamu, expressed optimism that the naira would appreciate further in the coming days.




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