10 January 2014

Nigeria: Exchange Rate - Naira Remains Firm Against Dollar, Pound

Lagos — The Nigerian currency, the Naira, on Friday traded on a stable platform against two major international currencies, the dollar and the pound sterling, as transactions ended for the week.

The dollar and the pound sterling were sold at N155.72 and N170, respectively, at the official and bureau de change since Jan. 6.

At the black market, the Naira was exchanged for the dollar at N170, while the pound sterling went for N270.

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.

The Naira, however, remained firm against the pound sterling at both the Bureau de Change and the Black market, as it had sold at N270 since Jan. 6.

At the official market, the Naira lost 28 kobo, trading at N210.48 to the Euro, compared with N210.20 on Jan. 6.

Overall, the Naira in the week under review, gained 50k against the Euro, to close at N230.50k, compared with the opening figure of N230 at the bureau de change market on Friday.

The Naira also remained stable against the Euro at the black market during the week, selling at N232 to the Euro.

A currency dealer attributed the Naira's stability to the low activities recorded after the Xmas and New Year celebration and the scarcity of foreign currencies. (NAN)

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