• 363

    USD/NGN

Naira retains strength against Dollar, Euro at parallel market

Naira retains strength against Dollar, Euro at parallel market

- The local currency stays unchanged against Dollar and Euro

- The Naira closed at N368 to a Dollar, while the Pound and the Euro traded at N472 and N420, respectively

The Nigerian Naira on Thursday, July 13, retained its strengthened rate at the parallel market against Dollar and Euro.

According to NAIJ.com findings, the local currency maintained the same rates of N368 against Dollar, N420 against Euro at the parallel market as it was yesterday, July 12, but fell slightly against Pound.

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

Today's Naira rate Photo: NAIJ.com

Meanwhile transactions in the Nigeria Autonomous Foreign Exchange Market (NAFEX) also known as the Investors and Exporters forex window have reached $3.8 billion since its introduction in April.

Foreign exchange dealers said that there have been continuous improvements in dollar inflow into the NAFEX from foreign investors due to increased confidence in the window.

For example the volume of dollars traded in last market increased to $407 million last week from $354.8 million the previous week.

According to the Financial Market Dealers Quote (FMDQ), $85.66 million was traded in the market yesterday while the indicative exchange rate dropped to N361.86 per dollar from N365.02 per dollar last Friday. This translated to N3.16 appreciation for the naira.

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

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