How Nigeria’s Naira Fared Against Dollar On Parallel Market (May 2)

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Naira Weakens Further Against 3 Major Currencies At Parallel Market

The Naira depreciated marginally against the Dollar at the parallel market on Tuesday, May 2, 2017.

It was gathered that the local currency yesterday afternoon lost one point to exchange at N391 to the dollar, weaker than N390 posted on Friday.

This is while the Pound Sterling and the Euro closed at N498 and N420 respectively.

At the Bureau de Change (BDC) window, the naira was sold at N362 to the dollar, while the pound sterling and the Euro exchanged at N490 and N417 respectively.

However, the local currency gained at the Nigeria investors and exporters window, closing at N379.68 to the dollar, stronger than N380.31, its opening rate.

Trading at the Nigeria interbank market saw the Naira closed at N305.80 to the dollar.

In spite of the marginal loss of the local currency, currency traders were of the opinion that the naira had remained stable.

They, however, called for patriotism on the part of Nigerians to save the Naira from the jaws of speculators and currency hoarders



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