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How Nigeria’s Naira Fared Against US Dollar (12/03/2018)


How Nigeria’s Naira Fared Against US Dollar (12/03/2018)

Nigeria Naira didn’t fare so well yesterday in the market.

Nigeria’s currency naira further remained stable at the close of trade on Monday, March 12, selling at N363 against the United States dollar at the Bureau De change (BDCs) and parallel market in Lagos.

At the BDC, the naira was sold at N500 to the Pound Sterling and closed at N442 against the Euro.

However, the naira against the two currencies went for N501 and N445 respectively at the parallel market.

Also, trading at the Import and Export foreign exchange window, the naira closed at N360.47 to the dollar.

It also exchanged at N305.75 to the dollar at the Central Bank of Nigeria (CBN) window.

A trader, Mr Shinkafi Aliu, Managing Director, Alibarika Bureau De Change said the stability could be attributed to the positive growth in the nation’s external reserves.

The Central Bank of Nigeria (CBN) had in its resolve to guarantee liquidity in the market, injected the sum of $355.43 million into the Retail Secondary Market Intervention Sales (SMIS) on Friday.

Nigeria’s apex bank also said that the country’s External Reserves is steadily growing and currently stands at $46bn.

Okoroafor stated this in a statement on Sunday that the reserves grew by about $3.2bn between February and March 2018.

Bukunmi Oyelude

I'm what they call "The Quadruple" - I'm a minimalist, a conspiracy theorist, a budding writer, and an info nerd. I operate under the auspices of me. Nerd not noob.

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