Naira retains strength against American Dollar, Pound, Euro at parallel market

Naira retains strength against American Dollar, Pound, Euro at parallel market

- The local currency stays unchanged against Dollar, Pound, and Euro

- The Naira closed at N365 to a Dollar, while the Pound and the Euro traded at N468 and N412, respectively

- The Naira has stayed strong in the past three months following CBN's intervention

The Nigerian Naira on Thursday, July 6, retained its strengthened rate at the unofficial market against the top foreign currencies.

According to NAIJ.com findings, the local currency maintained the same rates of N365 against Dollar, N468 against Pound and N412 against Euro at the parallel market as it was yesterday, July 5.

At the official interbank market, the Naira close at N306 against the Dollar, while the Pound sterling and the Euro traded at N395.59 and N347.38, respectively.

Also, at the Bureau De Change (BDC) window, the Naira closed at N363 to a Dollar, while the Pound and the Euro traded at N465 and N414, respectively.

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

Today's rate. Photo: NAIJ.com

Today's rate. Photo: NAIJ.com

READ ALSO: How Maitama Sule stopped Abacha from killing Obasanjo

Meanwhile, following the Central Bank of Nigeria (CBN) recent injection of $195 million into various segments of the inter-bank foreign exchange market, traders have expressed confidence in the ability of the apex bank to stabilise the market through its interventions.

The CBN’s intervention at the foreign exchange market has continued to impact the market positively as the Naira had remained stable in the past three months.

However, many Nigerians have expressed worry that the relative stability in the foreign exchange market has failed to stem the rising prices of commodities in the economy.

Do you think N1 can ever become $1 again at Forex Market? Watch Nigerians respond to this question

Source: Naij.com

Related news
US, UK biggest recipients of looted funds from Nigeria - Expert

US, UK biggest recipients of looted funds from Nigeria - Expert

US, UK biggest recipients of looted funds from Nigeria - Expert
NAIJ.com
Mailfire view pixel