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BUSINESS & ECONOMYCOVERNEWSLETTER

Naira Static at N363/$ at Parallel Market

Naira unaffected by Trump’s victory

The Nigerian Naira  on Wednesday, April 18 maintained firmness against the United States of America Dollar at the parallel segment of the Nigerian Foreign Exchange Market.

The Nigerian currency on Wednesday, exchanged at the rate of N363 against the greenback at the black market, same rate it traded for since the beginning of the new week.

Against the British Pound Sterling, the local currency remained the same rate as yesterday, exchangin at the rate of N514. The Naira closed at the rate of N445 against the European Single Currency, Euro.

Meanwhile, money market rates have responded to the financial system liquidity, which has remained above N500 billion, following mop-up by the Central Bank of Nigeria (CBN). Naira maintains rate against foreign currencies

Meanwhile, the Central Bank of Nigeria, CBN, has offered $210 million via the Wholesale Secondary Market Intervention Sales (SMIS); in its commitment to sustain liquidity levels and maintain stability in forex rate across all segments of the market.

Last week, the Investors and Exporters’ (I&E) Window, opened the week flat at N360/$1 and closed at the same rate by week-end.

 

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