Naira drops against Dollar at investor’s window

Naira on Friday depreciated marginally against the US dollar at the investors’ window, exchanging at N362.64 compared to N362.32 posted on Thursday.

The Nigerian currency, however, remained stable at the parallel market in Lagos, closing at N360 to one US dollar.

It also closed at N469 and N418 to one British Pound Sterling and the Euro, respectively at the parallel market.

At the Bureau De Change, the Naira traded at N360 to one US dollar, while the Pound Sterling and the Euro closed at N469 and N418, respectively.

Naira was exchanging for 306.15 to one dollar at the official window of the Central Bank of Nigeria (CBN).

Meanwhile, the Manufacturing Purchasing Managers Index (PMI) has stood at 57 index points, indicating expansion in the manufacturing sector for the successive 17 months.

Data from the CBN showed that the index grew at a faster rate when compared to the index in the previous month.

Given the feat recorded above, sustaining liquidity at the nation’s Foreign Exchange market would contribute greatly to local manufacturing.