Nigeria

Naira maintains N367 strength against Dollar at parallel market

Published 21 Sep 2017

by Khadijah Thabit

1 min read

- The local currency stays unchanged against Dollar for the third time this week at parallel market

- The local currency however appreciated against Pound

- The Naira closed at N367 to a Dollar, while the Pound and the Euro traded at N487 and N436, respectively

The Nigerian Naira on Thursday, September 21, retained its strengthened rate at the parallel market against Dollar and Euro.

According to Legit.ng findings, the local currency maintained the same rates of N367 against Dollar, N436 against Euro at the parallel market as it was yesterday, September 20, but appreciated against the Pound to N487.

Naira maintains strength against Dollar at parallel market — Naira appreciates against Pound

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The Central Bank of Nigeria appears to be reducing its intervention, both in frequency and amount, in the foreign exchange market.

The CBN has managed to keep the exchange rate within the 365/dollar to 370/dollar band in the past few months, thanks to the billions of dollar it injected into the market during the period.

Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question:

Source: Legit.ng

Authors:

Khadijah Thabit (Copyeditor) Khadijah Thabit is an editor with over 3 years of experience editing and managing contents such as articles, blogs, newsletters and social leads. She has a BA in English and Literary Studies from the University of Ibadan, Nigeria. Khadijah joined Legit.ng in September 2020 as a copyeditor and proofreader for the Human Interest, Current Affairs, Business, Sports and PR desks. As a grammar police, she develops her skills by reading novels and dictionaries. Email: khadeeejathabit@gmail.com

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