By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian naira on Monday traded N207 to a dollar in the black market which is an improvement recording 0.48 percent gain when compared to its previous day’s position of N208/$1.

Proshare’s daily exchange rate monitor affirmed that the value of the naira against the dollar has been oscillating in the black market for the last four (4) days.

Also, the naira traded between N290 to N300 to a pound sterling and between N224 to N230 against the euro, the Proshare report added.

While Investment One Research reported the local currency 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.

According to Investment One, the naira appreciated relative to the European currencies. “Against the pound and euro, it gained 1.97percent and 1.28 percent to settle at N288.14/£1 and N210.34/€1 levels respectively,” the report said.

Cordros say that the local currency had appreciated by 90 basis points (bps) against the dollar to trade at N199.05/$1 and 27 bps against the euro to trade at N210.41/€1.

The report added that the local currency had declined by 126 bps against the pound to trade at N291.84/£1.

While the CBN in its usual email statement made available to InvestAdvocate say the interbank closing official rate for today remains at N197/$1.