How Naira Traded Against Dollar At Investors’ Window

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Naira Increases In Value As Surplus Dollars Hit Nigeria Market

The Nigerian Naira traded at N360.56 against the United States Dollar at the investors’ window on Wednesday, January 17, 2018.

At the Bureau De Change window, the naira exchanged at N362 to the dollar, while the Pound Sterling and the Euro closed at N492 and N440, respectively.

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At the official CBN window, the naira was N305.75 against the dollar, while the Pound Sterling and the Euro closed at N420.47 and N373.72.

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Traders expressed optimism that the naira would continue to remain stable in the weeks to come.

Speaking to the News Agency of Nigeria (NAN) on the development, Mr Johnson Ejike, an importer, said that the relative stability of the naira at the parallel market would impact businesses positively in 2018.

Ejike noted that the Nigerian currency traded above N400 to the dollar in January 2017, which caused a lot of instability in the business community.

He expressed the hope that with the continuous intervention of the CBN at the nation’s foreign exchange market, the naira would maintain its stability.

The apex bank had expressed commitment in its series of interventions at the FOREX market.

The CBN injected 210 million dollars to the market on Monday.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

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