Nigeria’s street forex market maintain stability as dollar trades at N360 in 9th consecutive survey
Oluwaseun Afolabi is Businessamlive Reporter.
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The naira on Monday remained stable at the parallel market in Lagos for the ninth consecutive session; trading at N360 to the dollar.
The Nigerian currency had exchanged at the same rate since July 18, while the Pound Sterling and Euros began the week at N480 and N418 respectively.
A survey of street markets in Ikeja showed very similar trade as the dollar traded at N360 and the pound sterling traded at N479/N480, while the euro traded at N418 throughout the day.
Around the Lagos Airport Hotel axis on Obafemi Awolowo Way, Ikeja, the dollar was sold at N360, and the pound at N480. The rate of the naira against the euro followed consensus trading at N418.
In the street market towards the international wing of the Muritala Mohammed Airport, the exchange rate of the currencies followed market movement with the dollar trading at N360, British pounds sterling at N480 in the morning and closing the day at the same rate, while the euro closed at N418
At the Bureau De Change (BDC) window, the naira resumed trading at N360 after dropping marginally to N359 last week, while the pound sterling and euro closed at N481 and N418 respectively as traders bought the pound at N470 and the euro at N411.
The Central Bank of Nigeria resumed intervention into the FX market, with $340.51 million injected into the interbank retail Secondary Market Intervention Sales (SMIS) in a bid to consciously maintain the stability of the foreign exchange market.
At the Import-Export window, the naira strengthened by 0.14 percent to N361.78 as total turnover declined by 60.11 percent to $106.26 million, most of the transactions traded within the region of N358 – N363 per dollar.