Naira down against dollar at parallel market

At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, while the Pound Sterling and the Euro exchanged at N502and N430, respectively.

Trading at the investors’ window saw the naira close at N360. 91, while the CBN window recorded N305.75 to the dollar.

Data from showed that the naira traded at N361.5, N362 to the dollar in Abuja and Kano, respectively, while the Pound Sterling and the Euro closed at N506, 4436 and N 498,436, respectively in Abuja and Kano.

Meanwhile, financial experts have noted that the currency swap deal between Nigeria and China would boost liquidity at the nation’s foreign exchange market, thereby reducing the pressure on the naira.

Nigeria and China sealed a 2.4 billion dollars currency-swap deal on May 4, in China.


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