...gains strength against dollar @ parallel market, sold for N382.1

THE NIGERIA NAIRA OPENED trading Friday at the parallel market exchanging for N382.14 to the dollar, gaining N0.17 from the N382.314 it traded in the course of the week. Against the naira, the dollar therefore dropped 0.05 per cent.

Also, the rise in the naira represents a N0.98 or 0.26 per cent change on a day to day comparison.

The dollar has struggled recently against the naira as a result of low demand by traders for the hard currency in the market, and coupled with the recent rise in Brent crude above $45 during the week.

Also, at the CBN’s Investors and exporters’ (I & E) window on Friday, the local currency traded at N385.55 to a dollar but closed at N386 with a 0.13 per cent change in trading activities on the currency. Also, the local currency traded officially at N381 to a dollar at the CBN window for the second day in a row.

At the start of the week the naira traded at N361 to the dollar, a 5.26 per cent in appreciation compared to N381 in the market for the week, while against the British pound and the European euro, the naira traded at N470.41 to a pound and N423.56 to the euro, respectively.

Similarly, at the BDC window, the local currency traded at N475 against the United States dollar, representing 0.21 per cent or N1 increase from the previous day’s trading, reaching an all-time peak of N475 in the year 2020. While the

The naira traded at N502.43 for a pound in the parallel market on Friday. This represents a 0.60 per cent rise for the pound against the naira so far in August. The pound traded at N600 from the initial N595 traded on the previous day. This is a N5 or 0.84 per cent change day to day. While the euro traded at N550 for naira in the market.