By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The naira on Tuesday traded for N222.5 to a dollar in the parallel (Black) market; while the pounds sterling exchanged around N302 to one pound.
A Proshare report say the value of the naira has depreciated significantly in the face of several measures by the Central Bank of Nigeria (CBN) to stem the worsening value of the local currency against major currencies in the world.
“Following the initial devaluation of the naira by 8 percent coupled with the CBN’s technical devaluation, new official Naira/USD exchange rate is now N197/$1 as at today,” the report affirmed.
In the same vein, the CBN an e-mail statement said the interbank closing rate as at March 10, 2015 is N197/$1.
While Cordros in its update affirmed that the naira declined by 14 basis points (bps) against the dollar to trade at N199.23/$1. “However, the Naira gained by 7bps and 69bps against the pound and euro to trade at N300.65/£ and N214.51/€ respectively,” the report added.
Contrary to the CBN figure of N197/$1, Investment One Research say the naira depreciated at the interbank market against the dollar and pound sterling; declining N199.18/$ and N300.64/£, trading 0.47 percent and 0.25 percent weaker relative to the greenback and pound sterling.
According to Investment One Research, the naira closed stronger against the euro, strengthening by 0.57 percent to settle at N214.41/€.
This is coming on the heel of a Reuter’s report that the U.S. dollar climbed to multi-year peaks against the euro and yen in Asia on Tuesday amid starkly diverging outlooks for interest rates globally, while currencies from emerging markets came under mounting pressure from risk aversion.
