How Naira Fared Against Dollar On Nov 28
The Nigerian currency Naira on Wednesday, November 28, was stable at N364 per dollar in the parallel market.
Meanwhile, the local currency yesterday appreciated by seven kobo in the Investors and Exporters (I&E) window due to a 189 percent increase in the volume of dollars traded.
Data from FMDQ showed that the indicative exchange rate for the window dropped to N364.15 per dollar yesterday from N364.22 per dollar on Tuesday, translating to seven kobo appreciation of the naira.
The volume of dollars (turnover) traded yesterday in the window rose by 189 percent to $390.15million from $134.90 million on Tuesday.
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.
NAN reports 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.