Naira Appreciates by 0.29% at I&E, Trades Flat at Black Market

June 1, 2018
naira and dollar

By Modupe Gbadeyanka

The Nigerian Naira traded mixed at the various segments of the foreign exchange market on Thursday.

While the local currency remained unchanged at the parallel market against the Dollar, it appreciated by 0.29 percent at the Investors’ and Exporters’ (I&E) window.

Business Post reports that the Naira was sold at the black market yesterday at N363 per Dollar, the same rate it was exchanged in the previous trading session.

However, at the I&E FX window, the local currency was traded at N360.97k to a Dollar in contrast to N362.02k in the last session.

At the CBN Spot, the Naira remained unchanged at N305.95k to the Dollar, while it stayed the same at the CBN SMIS segment at N330 per Dollar.

Against other foreign currencies at the black market, the local currency was exchanged at N495 per Pound Sterling on Thursday compared with N497 it was sold on Wednesday.

However, the Naira traded flat at the parallel market against the Euro, closing at N425.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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