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Naira Trades Flat at Black Market Against Major Foreign Currencies

By Dipo Olowookere

The first trading day of this week at the parallel segment of the foreign exchange market in Lagos ended flat with the Naira closing at the same rate it was transacted in the previous session.

Business Post reports that the local currency, which was traded at N361 to a Dollar at the last session, finished at the same rate at the close of transactions on Monday at the black market.

Similarly, the Naira, which exchanged at N480 per Pound Sterling last Friday, did not shift ground yesterday despite the political drama in the United Kingdom with the resignation of two key cabinet members of the Theresa May’s government.

In addition, the Nigerian currency, which was sold at N418 to one Euro last week, ended the same way it opened at the parallel market yesterday.

However, at the I&E window, the Naira appreciated slightly by 58 Kobo to close at N362 per Dollar on Monday.

But at the CBN Spot, the local currency depreciated marginally by 5 Kobo to settle at N305.75k per Dollar against N305.70k it traded in the previous session.

Business Post reports further that at the transfer market, the Naira was flat at N363.50k to a Dollar.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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