The Naira on Wednesday traded at N360.56 against the dollar at the investors’ window. The Nigerian currency was sold at N362 to the dollar at the parallel market, while the Pound Sterling and the Euro closed at N492 and N440. At the Bureau De Change (BDC) window, the naira exchanged at N362 to the dollar, while the Pound Sterling and the Euro closed at N492 and N440, respectively. At the official CBN window, the naira was N305.75 against the dollar, while the Pound Sterling and the Euro closed at N420.47 and N373.72. READ: NSE on a roller-coaster as market capitalisation hits N16.080trn
Traders expressed optimism that the naira would continue to remain stable in the weeks to come.
Meanwhile, Mr Johnson Ejike, an importer, said that the relative stability of the naira at parallel market would impact businesses positively in 2018. Ejike noted that the Nigerian currency traded above N400 to the dollar in January 2017, which caused a lot of instability in the business community. He expressed the hope that with the continuous intervention of the CBN at the nation’s foreign exchange market, the naira would maintain its stability. The apex bank had expressed commitment in its series of interventions at the FOREX market.
The CBN injected 210 million dollars to the market on Monday.