Naira Remains Stable at Interbank, Parallel Markets

By Dipo Olowookere

The exchange rate of the Naira to the United States Dollar remained relatively stable at both the interbank and parallel markets on Wednesday.

The local currency was quoted at N306.90 to a Dollar at the interbank segment of the foreign exchange (forex) market yesterday.

At the black market yesterday, the local currency did not move an inch from the N361/$ it traded the previous session.

However, at the Investors & Exporters (I&E) forex window, the Naira appreciated by 0.27 percent to close at N364.90/$ in contrast to N365.87/$ in was quoted the previous day.

Recall that on Tuesday, the Central Bank of Nigeria (CBN) supported the forex market with the sale of $210 million. This, we gathered, has helped to ease the pressure already mounting on the local currency at the various market segments.