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How Nigeria’s Naira Fared Against The US Dollar Today (April 3)

How Nigeria’s Naira Fared Against The US Dollar Today (April 3)

The Nigerian Naira on Tuesday, April 3, depreciated marginally against the United States Dollar at the parallel market, exchanging at N361.20 to the dollar.

According to the News Agency of Nigeria (NAN), the Nigerian currency lost 20 kobo from N361 earlier traded before the Easter break.

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The naira also closed at N508 and N444 respectively against the Pound Sterling and the Euro.

At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, Central Bank of Nigeria (CBN) controlled rate, while the Pound Sterling and the Euro closed at N508 and N444 respectively.

The Nigerian currency closed at N361.35 to the dollar at the investors’ window, while it traded at N305.65 at the interbank window.

Traders at the currency market expressed anxiety over the likelihood of a slight change in policy as the CBN Monetary Policy Committee (MPC) holds at the nation’ capital, Abuja.

Newsmen report that the first MPC meeting in 2018, which began on Tuesday, would be concluded by Wednesday.

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

Nigeria’s apex bank on Friday, March 23, sustained its intervention in the foreign exchange (forex) market by injecting the sum of $339.89 million in the Retail Secondary Market Intervention Sales (SMIS).

The preceding Friday, the Bank also injected $210 million into the Wholesale segment of the forex market.

Bear in mind that the Debt Management Office (DMO) had some weeks sago also revealed that the Nigerian government borrowed N4.365 trillion in 2017, bringing the country’s total debt stock to N21.725 trillion.

The post How Nigeria’s Naira Fared Against The US Dollar Today (April 3) appeared first on 360Nobs.com.


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Posted by PRINCE O. On April 3, 2018

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