Naira to trade in tight range at black market – Reuters

The naira is expected to trade in a tight range in the official and parallel markets.

Reuters reports that this will be the situation as Africa’s biggest economy struggles to curb speculation on the local currency and reduce pressure on its dwindling dollar stocks.

The naira was quoted at 465 to the dollar on the parallel market on Thursday against 460 per dollar last week.

Commercial lenders quoted the local currency at 314.80 to the dollar in the official interbank window.

“The central bank has intensified its effort to manage the exchange rate at the present level by influencing how the scarce dollar is sold at the parallel market, while selling dollar daily at the interbank market to keep the naira from falling further,” a trader at one commercial bank said.

We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.

Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at

Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535

Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply