By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- The Nigerian naira on Wednesday depreciated 1.80 percent as it traded N226.50 to a dollar in the parallel market compared to N222.50 exchanged the previous day, Proshare’s daily exchange monitor said.

Also, the Nigerian local currency traded against the pounds sterling and euro at N325 and N240 respectively.

“The BDC buying rate stands at N223/$1, N320-N323/£1, and N235/€1,” the Proshare’s report affirmed.

While Investment One says the naira closed flat relative to the greenback as the Central Bank of Nigeria (CBN) continued its intervention in the market and support from the International Oil Companies (IOCs) eased dollar demand pressure.

It said the naira appreciated relative to the European currencies, rising by 0.28 percent against the pound and 0.77 percent relative to the euro.

“At the close of the session, key exchange rates were: N198/$, N293.03/£ and N209.95/€.Notably, the OPEC benchmark price for oil weakened further to $48.76/b,” Investment One reported added.

On its part, Cordros daily update said the local currency gained by 20 basis points (bps)  and 69 bps against the dollar and pound to trade at N198.80/$ and N291.76/£ respectively.

“However, the naira recorded a marginal gain of .1bps against the euro to trade at N211.09/€,” the Cordros update affirmed.