By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The naira on Thursday appreciated 0.66 percent, trading at N225 to a dollar in the parallel market compared to the value of N226.50/$1 it exchanged the previous day.

Proshare’s daily exchange rate monitor say the naira traded against the British pounds sterling and euro at N327 and N243 respectively.

“There was remarkable increase in demand for euros in today’s trade at the BDCs,” the report added.

Cordros report say the Nigerian local currency  declined by 36 basis points (bps) and 66 bps against the dollar and pound to trade at N199.75/$1 and N294.95/£1 respectively.

It further affirmed the naira also fell by 45 bps against the euro to trade at N212.96/€1. 

Investment One research reported the naira gained against the greenback as the Central Bank of Nigeria (CBN) continued to defend the local currency at N198/$1 levels.

“Inflows from the oil sector were also supportive of the appreciation seen. At the close of today’s session, the naira rose by 0.51 percent against the dollar to close at N197/$1,” the report said.

According to Investment One, on the contrary, the Nigerian local currency declined relative to both European currencies, declining by 0.59 percent and 1.27 percent against the pound and euro to close at N294.76/£1 and N212.65/€1 respectively.

“We expect continued support from the CBN in coming sessions,” the report affirmed.