Naira loses marginally against dollar at parallel market

Naira- Dollar

The Naira on Tuesday lost marginally against the dollar at the parallel market in Lagos, closing at N359 to the dollar.

The News Agency of Nigeria (NAN) reports that the naira had exchanged at N358.8 on Monday.

The Pound Sterling and the Euro traded at N469 and N410, respectively.

At the Bureau De Change (BDC) segment, the naira was sold at N360 to the dollar, while the Pound Sterling and the Euro closed at N469 and N410, respectively.

Trading at the investors’ window saw the naira closing at N362.3 to the dollar, while market turnover stood at 397.32 million dollars.

Naira had remained stable at the parallel market as the CBN continues to intervene.

As the U.S. and China trade deal gets to a head and the increase in the price of oil at the international market, the nation’s reserves is expected to improve.

An improved reserves and Diaspora inflows will sustain the current stability of the naira at the foreign exchange market.