By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The naira on Wednesday traded N206 to one dollar ($1) appreciating in the parallel market (black market) recording 1.44 percent gain when compared to its previous day’s position of N209/$1, according to Proshare’s daily exchange monitor.

According to the report, the value of the naira against the greenback has been oscillating in the black market.

The report disclosed that today’s naira appreciation was due to injection of dollars to the Bureaux De Changes (BDCs) through sales from the Central Bank of Nigeria (CBN).

“There was no significant change in the naira/pounds differential compared to yesterday’s rate. The naira exchanged between N300 to N302 to a pound sterling,” the Proshare exchange monitor added.

While Cordros research say  the naira had appreciated against only one (1) of the currencies the euro increasing by four (4) basis points (bps) to trade at N 212.41/€1.

The naira declined by three (3bps) and two (2ps) respectively against the dollar and pound to trade at N199.00/$1 and N291.19/£1 respectively, the report said.

On its part, Investment One report affirmed the CBN’s continued intervention in the interbank market saw the naira close flat relative to the greenback at N199/$1.

The report further affirmed that relative to the European currencies, the naira advanced by 0.08 percent against the pounds and 0.05 percent relative to the euro. “At the close of the session, the local currency traded at N290.90/?1 and N212.40/€1 relative to the pound and euro.

Investment one report noted that support from the CBN has seen the local currency trade within a band of N198-N199.80/$1 amidst unmet dollar demand, “we expect this trend to persist in coming sessions,” the report added.

The CBN in its usual email statement say at the end of today’s session, the Interbank closing rate was N197 to one dollar ($1).