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Naira Steady at the Parallel Market...See Latest Exchange Rate
Posted by Thandiubani on Wed 18th Oct, 2017 - tori.ngThe Nigerian naira has rallied round to maintain the same rate for the past one-week at the parallel market.
Currencies
The Naira on Wednesday exchanged at N361.50 to the dollar at the parallel market, maintaining same rate for the past one-week, the News Agency of Nigeria (NAN) reports.
The Pound Sterling and the Euro traded at N475 and N425, respectively.
At the Bureau De Change (BDC) window, the naira was sold at N361.50, while the Pound Sterling and the Euro closed at N475 and N425, respectively.
Trading at the investors’ window saw the naira closed at N360.27. Traders said that activities at the market had remained dull as very few customers were patronising them.
Meanwhile, a credible BDC source told NAN that only about 1000 of its members bided for dollars on Monday because they had been selling at a loss for some months.
NAN reports that BDCs buy dollars at N360 from the CBN and sell at N362 per dollar.
Following the drop in rate to N362, BDCs had been selling at a loss, leading to the boycott of the CBN window by some BDCs.
-NAN
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