Naira firms at parallel market, trades N362/$ on the street

The naira on Monday marginally appreciated against international currencies at the parallel market trading at N362 to the dollar on the streets, thereby gaining three points from the N365 it traded Friday.

Against the pound sterling and euro it closed N460 and N403, respectively.

However at the bureau De change (BDC) window, the naira sold for N369 to a dollar, while the pound and the euro closed at N407 and N465, respectively.

The naira exchanged at N305.80 at the interbank market. Currency traders expressed optimism that liquidity boost in the market would further help to shore up the value of the currency.

Harrison Owoh, an economist, attributed the yet-to-be naira exchange rate in spite of liquidity boost in the foreign exchange market to excessive demand for dollars.

He said that the injection of billions of dollars by the Central Bank of Nigeria (CBN) to the interbank market were majorly at the service of letters of credits and invisibles.

According to him, it is the cash at hand that brings down the exchange rate not mere letters of credit.

The apex bank hoped to stabilise the Naira exchange rate through its interventions at the foreign exchange market.