Naira maintains strength against Dollar but weakens against Pound

- The Naira maintains its rate against the American Dollar at parallel market

- The local currency however fell slightly against Pound

- The Nigerian currency trades at N363, N514 and N445 against the Dollar, Pound Sterling and Euro respectively

The Nigerian Naira on Tuesday, April 17, maintains it's rate against the American Dollar which it traded at as at yesterday evening, April 16.

According to Legit.ng findings, the local currency maintained the rate N363 per US dollar at the parallel market but weakened against Pound.

Meanwhile, the Naira commenced the week with a 23 kobo appreciation as the Investors and Exporters (I&E) window recorded a 332 percent increase in turnover.

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Vanguard reports that Data from the FinFMDQ showed that the indicative exchange rate for the I&E window dropped to N360.09 per dollar, on Monday, April 16, from N360.32 per dollar on Friday last week, translating to a 23 kobo gain for the naira.

This appreciation was buoyed by the 332 percent increase in the volume of dollars traded in the I&E window. The window yesterday recorded turnover of $335.11 million, up from $77.57million recorded Friday last week.

Can 1 Naira ever become 1 US dollar again on the Forex market? - on Legit.ng TV.

Source: Legit.ng