By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The naira on Tuesday traded N224 to a dollar as the Monetary Policy Committee (MPC) retained rate at 13 percent and commended the Central Bank of Nigeria (CBN) on its attempts to stabilise naira.

According to Proshare’s daily exchange monitor, the naira exchanged at the parallel market for N335 the pounds sterling and euro traded for N238.

However, the CBN in its email notice on Tuesday said the interbank closing rate was N197.

Investment One Research says Nigeria’s local currency weakened against key foreign currencies. “The local currency slipped marginally against the greenback shedding 0.03 percent to close at 199.70 to the US dollar,” the report added.

Similarly, the report affirmed that the naira declined against the European currencies. “The naira eased by 0.08 percent and 0.25 percent against the pound sterling and euro to settle at N296.88 and N217.80 respectively,” the Investment One Research noted.

While Cordros reported the naira lost 35 basis points (bps) against the greenback to trade at N199.75/$1. “Conversely, the local currency had respectively appreciated by 24 bps and six (6) bps against the pound and euro to trade at N296.83/£1 and N217.68/€1.