Naira seen stable at both interbank and parallel market – Reuters

Nigerian naira is seen stable around its present level at both the official interbank and parallel market as the central bank steps up support for the local currency, traders said.

The local currency was steady at 470 to the dollar on the parallel market on Thursday, same level as last week.

On the otherhand, the naira was quoted at 315 on the official window.

On Tuesday, Nigeria’s central bank sold around $330 million to meet part of a backlog of forex demand by manufacturing firms.

Meanwhile, dollar supply from international money transfer agencies has helped ease a shortage at the parallel market.

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