The Nigerian Naira, on Friday, July 14, closed the week with an upswing at the Parallel Segment of the Nigerian Foreign Exchange market, making moderate gains against the United States of America Dollar.
The local currency scooped 1 point to close at N367 against the greenback in contrast to the rate of N368, which it traded for on Thursday, July 3.
Against the British Pound Sterling, the Nigerian Currency remained unchanged, exchanging at the rate of N472, same as the rate it has exchange for the previous days of the week. The naira against the European Single Currency, Euro, traded for 420.
At the interbank market Naira closed at N306, while it traded at N362.8 to the Dollar at the investors’ window. According to traders at the market, the Naira would witness greater stability in the coming months, as the Central Bank of Nigeria (CBN) continues its intervention.
Meanwhile, at the Bureau De Change Window (BDC), the Naira exchanged at N363 to the Dollar, while the Pound sterling and the Euro was sold at N417 and N415 respectively.
Currency traders remain optimistic that the naira would gain more momentum as the Central Bank of Nigeria, CBN, continues its intervention at the forex market. The apex bank has injected a total of $7.766 billion into the foreign exchange market since February 2017.