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Naira stable against dollar, but weakens to British pounds, Euro



World Bank lists Nigeria as highest destination of remittances from UK

Naira remained stable against the US Dollar at the parallel market on Tuesday to close at N500 a dollar. This was the same rate that was recorded on Monday.

But against the Pound Sterling, the domestic depreciated by N3 at the black market to sell for N713/£1 compared with N710/£1 it traded a day earlier.

Also, the Naira lost N3 against the Euro at the unregulated segment of the market to trade at N595/€1 in contrast to N592/£1 of the earlier day.

Read also: Naira gains big against U.S dollars, British pounds, Euro

Meanwhile the Naira strengthened against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Tuesday.

Data from FMDQ securities, where Naira is officially traded, revealed that the Nigerian currency rose by N1.67, or 0.4 percent, to end the day at N410/$1, up from N410.67/$1 the previous session.

Yesterday, the I&E recorded a turnover of $169.07 million, 79.5 percent or $74.9 million higher than the $94.17 million recorded on Monday.

At the close of yesterday’s transaction, the difference between the official and unofficial market dollar exchange rates was N90.

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