Naira Closes Flat at Interbank, Parallel Markets

By Modupe Gbadeyanka

The local currency traded on a flat note at both the parallel and interbank markets on Tuesday, Business Post reports.

While the Naira was exchanged at N305.90 to a Dollar at the interbank segment of the foreign exchange market, same rate it was sold on Monday, the Nigerian legal tender went for N360 per Dollar at the black market.

However, at the I&E window, the Naira depreciated marginally by 0.17 percent to close at N362.40 to the Dollar against N361.78 it finished the previous day, indicating that 62 kobo was lost by the local currency on Tuesday at the close of business.

At the parallel market yesterday, the Naira appreciated by N1 against the Pound Sterling, closing at N479 against N480 it traded on Monday, while it remained unchanged at N418 against the Euro.

The local currency has been relatively stable at the various market segments since the Central Bank of Nigeria (CBN) started intervening in the forex market by releasing funds to dealers to meet the demands of their customers.

This the apex bank has promised to continue to do to ease the pressure on Naira, warning that it won’t spare the rod on any dealer that tries frustrate the flow of forex at the market.