Naira expected to remain stable despite depreciation (See Exchange Rates)

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The Naira sustained its depreciation against the dollar at the investor’s window last week. The Nigerian currency shed 11 kobo to exchange at N360.42 on Friday.

At the parallel market, the Naira exchanged at N362 to a dollar, while the Pound Sterling and the Euro closed at N515 and N445.

Trading at the Bureau De Change (BDC) segment saw the Naira closed at N362 to a dollar, while the Pound Sterling and the Euro closed at N515 and N445.

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The Naira exchanged at N305.6 to the dollar at the CBN window, while the Pound Sterling and the Euro posted N435.14 and N378.30 on Thursday.

Traders said in spite of the N210 million dollars injected into the Forex market, trading had been low in the market.

The CBN had sustained its aggressive interventions at the Forex market in defence of the Naira with additional N210 million dollars injected on Wednesday.

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With growing external reserves at 47 billion dollars and a trade volume of about 20 billion dollars at the investor’s window, the Naira is expected to remain stable in the weeks ahead in spite of marginal depreciation.

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