Naira trades flat at N362 against Dollar

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The Naira on Wednesday traded flat against the dollar at the parallel market, exchanging at N362 to the dollar.

The naira also closed at N505 and N443 respectively against the Pound Sterling and the Euro on Wednesday.

At the Bureau De Change (BDC) window, the naira traded at N359 to the dollar, while the Pound Sterling and the Euro closed at N506 and N441 respectively.

At the Investors’ & Exporters’ foreign exchange  (I & E Fx) window, the Naira continued to close at N360/Dollar levels while it shed 0.17per cent to N506.57/Pound Sterling and 0.27per cent to N442.50/Euro.

However, the naira appreciated at the inter-bank window of the Central Bank of Nigeria (CBN) to N304.6 on Wednesday as against N304.65 to a Dollar it traded the previous day.

The CBN governor, Mr. Godwin Emefiele at the end of Monetary Policy Meeting on Wednesday said, “The Committee noted the relative stability in the foreign exchange market, with declining premia across all segments of the market. It observed with satisfaction, the sustained high level of activity at the Investors’ and Exporters’ (I&E) window of the foreign exchange market.

“The window continues to attract more investors, thus boosting foreign exchange supply.

“In particular, the Committee welcomed the narrowing of the exchange rate premium between the BDC segment and the Investors’ and Exporters’ (I&E) window of the foreign exchange market,” he added.

Meanwhile, the naira had remained very stable at the foreign exchange market as the apex bank had remained committed in boosting liquidity at the foreign exchange market.

At the fixed income market, the apex bank continued to abstain from auctioning Open Market Operation (OMO) bills, system liquidity stood at N664 billion on Wednesday putting downward pressure on money market rates.

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