It, however, maintained N197 to the dollar at the official Central Bank of Nigeria’s window
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NAN reports that the naira had relatively remained stable in the past weeks
Traders at the market said activities in the market slowed down barely 24 hours the Central Bank of Nigeria concluded its Monetary Policy Committee meeting
Traders at the market said the demand for the greenback by importers had continued to fuel the depreciation of the Naira at the market.
Oil prices rose on Monday after a breakdown in diplomatic ties between Saudi Arabia and Iran that some speculated could result in supply restrictions
The prosecutor alleged that the accused obtained genuine $5,000 valued at N1.4 million from one Tony Emokpere, but subtly changed it to fake $5,000 and presented as original US currency to Emokpere
The News Agency of Nigeria reports that the naira gained N5 to exchange at N265 to the dollar on Wednesday afternoon
The News Agency of Nigeria reports that the Naira had on Friday rebounded after weeks of record low at the market, exchanging for N270 to the dollar at the parallel market
Traders at the market told the News Agency of Nigeria that the high demand for the dollar was putting the currency of the biggest economy in Africa in a difficult situation
A financial analyst, Prof. Sheriffadeen Tella of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, attributed the current fluctuation in the parallel market to the activities of currency speculators
A parallel market trader, Abubakar Audu, told the News Agency of Nigeria in Lagos that the position of the Naira was after the Central Bank of Nigeria sold Dollars to operators of Bureau de Change
But the journey to achieving this feat may be rough but with good transformation agenda, it is achievable, Oputa said
With elections due in less than six weeks, the changes let the central bank rein in its defence of the naira, on which it was spending more than $100 million a day, while avoiding the politically unpalatable word “devaluation”
The apex bank, in a statement in Lagos, said that the Naira closed at N185.50 from the N186.30 recorded on Wednesday
The Naira also appreciated against the Pound Sterling at the Bureau De Change, trading at N290 from the N292 it traded on Monday
The Naira was sold at N191 to the Dollar at the Bureau De Change from N193 on December 24
A breakdown of Friday’s transactions showed that the Naira appreciated marginally by 10k, against the pound, trading at N254.08 from N254.09 at the official market
At the official market, the naira exchanged for N241.19 to the pound, as against N241.18 that obtained on Monday