By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- The Nigerian naira on Monday commenced the week with a gain of 0.18 percent and traded 226 to a dollar on the parallel (black) market, according to Proshare daily exchange rate monitor.

The report says the very weak demand for pounds sterling and euro dropped their exchange rates against the naira to N325 and N232 respectively

“The BDC’s buying rate is between N222 and N223 to a dollar. The buying rate of pounds sterling and euro from the BDC’s stand at N320/£ and N225/€ respectively,” Proshare added.

Also, the pounds sterling traded on the black market around N325 to one pound to maintain same position as yesterday.

Investment One Research said despite continued support from the Central Bank of Nigeria (CBN) at N197/$ levels as well as inflows in excess of $50 million from the oil sector, “the naira depreciated by 0.90 percent relative to the USD in today’s session,’ the report said.

The report further affirmed that relative to the European currencies however, the local currency appreciated on both counts. It added the naira gained 0.81 percent against the pound sterling and 0.65 percent relative to the euro.

Investment one Research says at the close of the session, key exchange rates were: N198.90/$, N291.88/£ and N208.75/€.

While Cordros on its part noted that the naira appreciated against two (2) of the three (3) currency pairs they tracked.

The report says the local currency had appreciated by 25 basis points (bps) and 11 bps against the greenback and pound sterling respectively to trade at N199.05/$ and 294.26/£.

On the contrary, the report affirmed that the naira had depreciated by 0.19 percent against the euro to trade at N210.19/€.

“A total of $104.5 million was supplied to the inter-bank window today at the price range of N197/US$ to N199/US$, through Chevron ($30.4 million) and Royal Dutch Shell (an undisclosed amount),” the Cordros report disclosed.

However, the CBN in its e-mail statement said the Interbank closing rate as at today Monday March 16, 2015 was N197 to a dollar.