Naira Stable Across Markets

September 30, 2020
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With the continuous intervention by the Central Bank of Nigeria (CBN) in the foreign exchange market to improve liquidity, the Naira has remained stable at the foreign exchange segment of the apex bank, Investors and Exporters (I&E) window and the Bureau de Change (BDC) segment trading at N380/$ and N386/$ respectively at the close of trading yesterday.

According to the data obtained from the official website of the CBN, the local currency remained firm at N380/$ at the end of trading yesterday a stability which it has maintained since April. Although against the pounds sterling the Naira depreciated to trade at N489.85 from N483.89 and N443.57 from N442.05 against the Euro.

Also, at the BDC segment, the Naira remained firm at N386/$ and N543 and N598 against the pounds sterling and the euro while at the I&E window the Naira remained stable at N386/$ with the opening indicative at N386.50 and a daily turnover of $133.73 million on Monday.

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The Naira however strengthened at the Parallel market by N2 trading at N465 as at close of trading yesterday from N467 which it has been for weeks.

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