Home Business Naira exchanges at N359 to dollar at parallel market

Naira exchanges at N359 to dollar at parallel market

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The naira on Monday traded at N358.6 to the dollar at the parallel market in Lagos.

The pound sterling and the euro closed at N445 and N396, respectively.

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At the Bureau De Change (BDC) segment, the naira was sold at N358.6, while the pound sterling and the euro closed at N445 and N396, respectively.

Trading at the investors’ window saw the naira closing at N363.32 as market turnover stood at 477.04 million dollars.

The naira, however, traded at N306.95 to the dollar at the official CBN window.

Newsmen reports that the naira had remained stable at the parallel market, due largely to the interventions of the CBN.

As the rate stands, it appears the parallel market rate determines the prevailing rate for most buyers.

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SOURCE: Punch

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