The naira traded largely stable on Tuesday, holding firm in the parallel market while posting a modest gain at the official foreign exchange window, according to the latest exchange rate data released by the CBN.
Figures from the Central Bank of Nigeria (CBN) showed the naira closed at N1,364.00/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on July 27, compared with N1,361.00/$1 recorded on July 24. The N3.00 improvement represents a 0.22% appreciation in the local currency.
In the parallel market, exchange rates remained unchanged as Bureau De Change (BDC) operators quoted N1,403.00/$1, the British pound was at N1,870.00/£1, and the euro at N1,585.00/€1, while the Canadian dollar at N1,055.00/C$1.
Nigeria’s external reserves declined marginally to $52.016 billion as of July 24, from $52.030 billion a day earlier, representing a 0.03% decrease, according to CBN data.
