- The Naira maintains its rate against the American Dollar at parallel market
- The local currency also maintains the same rate against Pound and Euro
- The local currency closed at N362 to a Dollar, while the Pound and the Euro traded at N488 and N425, respectively
The Nigerian Naira on Thursday, June 14, maintained its rate at the parallel market against Dollar, Pound and Euro.
According to Legit.ng findings, the local currency maintained the same rates of N362 against Dollar, N488 per Pound rate and N425 per Euro as it closed on Wednesday, June 13.
At the Bureau De Change (BDC) window, the naira was sold at N360, while the Pound Sterling and the Euro closed at N488 and N423, respectively, the News Agency of Nigeria (NAN) reports.
Trading at the investors’ window saw the naira close at N361.10.
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The naira exchanged at N305.90, N402.26 and N360.75 against the dollar, Pound Sterling and the Euro, respectively at the CBN window.
Currency traders said that the naira was set to appreciate significantly at the parallel market as the Nigeria China swap deal takes effect.
NAN reports that the Nigerian government entered into a 2.4 billion dollars currency swap deal with the People’s Republic of China.
The CBN noted that the deal would finance trade and direct investment between China and Nigeria, and maintain financial market stability, among other benefits.
Can 1 Naira ever become 1 US dollar again on the Forex market? - on Legit.ng TV.