Naira remains weak against other currencies at parallel market

Dollar to Naira

The naira on Friday strengthened against the dollar at the inter-bank market as the parallel market remained volatile, the News Agency of Nigeria reports.

The Nigerian currency traded at N314.95 against the dollar in contrast with N338.75 it recorded at the transaction on Thursday.

However, at the parallel market, the naira traded at N412 to a dollar as against N407 it recorded on Thursday, and N530 to Pound Sterling and N455 against Euro, from N425 and N455, respectively on Thursday.

At the Bureau De Change segment of the market, the naira exchanged at N407, N520 and N450 against N407, N525 and N450 it posted on Thursday.

Traders at the market said the market had remained unstable as the directives and counter-directives of the Central Bank of Nigeria on foreign exchange sale was affecting liquidity flow.