Street forex market stable as dollar trades at N360

The naira on Tuesday remained stable at the parallel market in Lagos exchanging at N360 to the dollar.

The Nigerian currency had exchanged at the same rate on July 23, while the pound sterling and euro closed at N478 and N418 respectively.

A cross-section of street markets in Ikeja showed the dollar traded at N360 at Allen roundabout, Ikeja, and the pound sterling traded betweenN478 and N480, while the euro traded at N418.

Around the Lagos Airport Hotel axis on Obafemi Awolowo Way, Ikeja, the dollar was sold at N360, and the pound at N479. The value of the naira against the Euro dropped from N420 to N418.

In the street market towards the international wing of the Muritala Mohammed Airport the rates of these international currencies followed market movement as the dollar traded at N360, British pounds sterling traded at N480 in the morning but by evening was roving between N479 and N480, while the euro was N418.

At the bureau de change (BDC) window, the dollar was sold at N360 and was bought at N355, while the pound sterling and euro closed at N482 and N418 respectively as traders bought the pounds at N470 and the euro at N411.

Excerpts from the Tuesday’s concluded MPC meeting shows the CBN is maintaining its MPR aggressive stance, relying on the favourable prices of oil to shore up reserves, and still give room for the apex bank to support the market with interventions at intervals, thus the stable forex market.

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