By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE) – The naira on Wednesday strengthened by 0.35 percent to trade at N199 to one dollar ($1) at the close of the session.
According to Investment One Research, the appreciation was supported by the regular $150 million month end oil flows.
Similarly, the Nigerian local currency firmed by 1.14 percent and 0.77 percent relative to the pound sterling and the euro to close at N293.52/?1 and N216.15/€1 respectively.
In the same vein, Cordros update affirmed that today’s gain was recorded on the back of increased liquidity in the inter-bank market following large dollar supplies by oil companies.
The report added that the local unit of Chevron sold $100.6 million to some lenders, “Total sold $53 million and Brass LNG sold $0.6 million.
The Central Bank of Nigeria (CBN) in its usual email notice said at the end of the session, interbank market closed N197/$1.
Proshare’s daily exchange monitor said the naira traded against the dollar at N224.5 to worsen it yesterday’s position by 0.22 percent while the pounds sterling exchanged for N336/£1 at the Bureaux De Changes (BDCs).
“Today, the naira exchanged at the parallel market for N224.5 to a dollar while the pounds sterling traded for N336/£1 respectively,” the report added.
It said the BDCs recorded lower level of transactions in foreign currencies.
The Proshare’s daily exchange monitor disclosed the ‘organised’ unofficial exchange rate market where dollar trades around N255 and N260 might continue to exist until after the elections.
The report further affirmed the foreign exchange market still operates in three (3) major segments namely: the interbank market, the BDC, and the ‘organised’ unofficial exchange rate market.
