Naira steady against Dollar, rebounds slightly against Euro and Pounds

LAGOS Dec 9 (FxMallam) The Nigeria Naira on Friday closed flat against the dollar at the parallel market ending at N485 where it had traded all week.  

The local currency had opened the week at N485  as against N480 last week.

The Naira also maintained stable outlook in both the interbank and BDC markets closing at N305 and N400 respectively.

The Naira however had positive movements against the Euro and the British Pound.

The Naira gained N1 against the Euro rising from N516 it traded on Thursday to close at N515 on Friday while gaining N6 to close at N602 from N608 against the British Pound.

A combination of lower demand for foreign exchange and anticipation of dollar flows from Nigerians living abroad who are expected to visit home during the December holidays are proposed as reasons for the slight movement of the beleaguered currency.

Trading will be closed on Monday as the Federal Government has declared the 12th of December as a public holiday to mark the Eid-El Maulud ( or the birth of Prophet Muhammad).