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Naira Stable at Interbank, Black Markets; Depreciates at I&E

By Dipo Olowookere

The foreign exchange (forex) market in Nigeria turned in a mixed performance on Tuesday amid political tension in the country.

Business Post reports that at the parallel market, the Naira remained unchanged at N360 to the Dollar.

At the same market segment, the local currency appreciated by N2 against the Pound Sterling to close at N475 versus N477 on Monday, while it gained N4 against the Euro to settle at N414 in contrast to N418 it was sold a day earlier.

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At the interbank segment of the forex market, the local currency also traded flat at N306 per Dollar.

However, at the Investors and Exporters window, the Naira suffered a 34 kobo loss against the Dollar, closing at N362.30 on Tuesday compared with N361.96 it traded on Monday.

At the money transfer segment of the market, the Naira was exchanged at N353.23 to a Dollar at the two major companies offering the services in Nigeria.

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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.

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