Naira gains against dollar at investor’s window

Foreign reserves hit $33.1bn as Naira stables against major currencies
United Bank for Africa

The Naira on Wednesday gained 70 kobo to exchange at N364.15 to the dollar at the investor’s window, our correspondent reports.

It traded at N364.22 to the dollar on Tuesday.

Investors transacted 134.90 million dollars to close trading, and closed at N306.80 to the dollar at the official CBN window.

At the parallel market in Lagos, the Naira was sold at N364 to the dollar, while the Pound Sterling and the Euro closed at N480 and N415.

Trading at the Bureau De Change (BDC) segment saw the Naira closing at N360 to the dollar, while the Pound Sterling and the Euro closed at N480 and N415.

It was reported that Naira has been in the eye of the storm lately as efforts at defending it against the dollar appeared unsustainable.

Available data showed that the CBN had since April 2017, injected 26.77 billion dollars to the foreign exchange market to shore up the value of the Naira.

Though there was relative stability in the prices of goods and services, experts argued that throwing dollars in the defence of the Naira was unsustainable.