Naira trades flat at N364/$1 for 3 days at unofficial FX market

For three consecutive days now, the Nigerian currency, Naira has been trading flat at N364 to the US Dollar at the unofficial foreign exchange market, checks by The Daily Times have revealed.

The Naira, on Wednesday also remained unchanged against the two other major foreign currencies, Pound sterling and Euro, to close at N488 and N434, respectively at the parallel segment of the forex market.

Similarly, the local currency at the inter-bank (official) market remained unchanged at N305.75 against the dollar.

The Investors and Exporters (I&E) foreign exchange window opened at N360.20, traded high at N361.50 and closed at N360.56, representing a 0.04 per cent depreciation against Tuesday’s closing price.

At the money market, the Open Buy Back (OBB) and Over Night (O/N) rates closed at 6.17per cent and 6.50per cent representing a 1.33per cent and two per cent depreciation against Tuesday closing position respectively.

Motolani Oseni