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Naira opens strong but closes lower against the dollar at the Parallel Market

April 18, 2016

The Naira ended the trading day lower against the dollar after a strong start ending at N322 to $1. The Naira opened stronger (trading at N317 to $1) on sentiments over the weekend that dollar supply would increase after details of the Nigeria/China currency swap agreement. However, oil prices crashed after OPEC failed to come to a consensus over the weekend on production freezes and that was enough to dampened the mood among currency traders.

The sentiment among traders continue to be that the aforementioned currency swap deal would strengthen the Naira upon implementation. Rates for the Pound Sterling and Euro apparently remain unchanged.