Naira rises to N390/$1 at parallel market

- The Naira has gained against the Dollar and Pound at parallel market but stayed unchanged against the Euro

- Currency traders in Lagos said that the offer of 20,000 dollars to each of the BDCs on Wednesday, May 4, helped to stabilise the Naira.

- Meanwhile, trading at the Nigeria interbank market, saw the Naira closed at N305.70 to the Dollar

The Naira on Thursday, May 4, appreciated marginally against the Dollar at the parallel market at N390 to the Dollar, the News Agency of Nigeria reports.

The local currency also strengthened against the Pound Sterling to close at N495 from the previous rate of N498.

However, the Naira stayed unchanged against the Euro to close at N420 as it was yesterday, May 3.

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At the Bureau De Change (BDC), the local currency was sold at N362 to the Dollar, while the Pound Sterling and Euro closed at N495 and N420, respectively.

Trading at the interbank market saw the Naira closing at N305.70 to the Dollar.

But the Naira depreciated at the new investors and exports window as it closed at N383.19, weaker than N382.19, its opening rate.

Currency traders in Lagos said that the offer of 20,000 dollars to each of the BDCs on Wednesday, May 4, helped to stabilise the Naira.

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It was gathered each of the BDCs received 40,000 dollars weekly from the CBN which had boosted liquidity in the market.

Legit.ng can report that Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange Bureau De Change and a rate for foreign school fees.

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Source: Legit.ng