Naira stable at N362/$ in parallel market

The Nigerian Naira has remained stable against the United States of America Dollar on Monday, May 7 at the parallel segment of the Nigerian Foreign Exchange Market.
The local currency closed at the rate of N362 against the greenback at the black market, same rate at which it closed market sessions for last week.
Against the British Pound Sterling, the Nigerian currency, appreciated to the rate of N504 and also surged against the European Single Currency, Euro, closing at the rate of N435.
The Central Bank of Nigeria, CBN, last week, allocated $100 million to the Wholesale (SMIS) window, gave $55 million to the Small and Medium Scale Enterprises, while $55 million was also sold to cater for invisibles.
Meanwhile, most dated forward contracts at the interbank over-the-counter (OTC) segment appreciated amid rising external reserves last week.