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Naira maintains rate against Euro at parallel market

Naira maintains rate against Euro at parallel market

- The Naira has gained strength against the American Dollar at the investors’ window

- The Nigerian currency trades at N362, N510 and N445 against the Dollar, Pound Sterling and Euro respectively at parallel market

- Traders at the market expressed confidence in the ability of the CBN to maintain the stability of the Naira at the foreign exchange market.

The Naira on Tuesday, April 24, appreciated to N360 to the dollar at the investors’ window, after depreciating for five consecutive days, the News Agency of Nigeria (NAN) reports.

According to Legit.ng findings, it was gathered that the local currency maintained the N445 per Euro rate it closed at on Monday, April 23.

The Nigerian currency gained 54kobo to exchange at N360, stronger than N360.54 traded on Monday, April 23, while it was sold at N305.7 to the dollar at the CBN window.

Naira appreciates to N360 against dollar at investors’ window

Naira appreciates to N362 against dollar at parallel market

Trading at the Bureau De Change (BDC) window saw the Naira close at N362 to the dollar while the Pound Sterling and the Euro closed at N510 and N445, respectively.

The Naira exchanged at N362 to the dollar at the parallel market, while the Pound Sterling and the Euro closed at N510 and N445, respectively.

Traders at the market expressed confidence in the ability of the CBN to maintain the stability of the Naira at the foreign exchange market.

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NAN reports that with the 22 billion dollars Diaspora remittance recorded in 2017 and the increase in external reserves to about 47 billion dollars, the Naira may be on its way to greater stability.

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

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Source: Legit.ng

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