- The Naira stayed strong against Dollar at parallel market
- The local currency, however, appreciated against Pound
- The Naira closed at N362 to a Dollar, N435 to Euro while the Pound traded at N500
The Nigerian Naira on Tuesday, May 8, retained its strengthened rate at the parallel market against Dollar.
According to Legit.ng findings, the local currency maintained the same rates of N362 against Dollar, but appreciated against Pound.
Meanwhile the Naira commenced the week with a 16 kobo depreciation to N360.91 per dollar in the Investors and Exporters (I&E) window of the foreign exchange market.
Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the I & E window also known as Nigerian Autonomous Foreign Exchange (NAFEX), rose to N360.91 on Monday, May 7, from N360.75 per Dollar on Friday, May 4, translating to a 16 kobo loss in Naira.
The depreciation was occasioned by a 33 percent decrease in the volume of Dollars traded in the I & E window.
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