Naira weakens marginally against dollar

The Naira has weakened marginally against the dollar at the parallel market in Lagos.

The Nigerian currency lost one point to exchange at N361.7, weaker than N361.6 on Friday, while the Pound Sterling and the Euro closed at N502 and N430, respectively.

At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, while the Pound Sterling and the Euro exchanged at N502 and N430, respectively.

Trading at the investors’ window saw the naira close at N360. 91, while the CBN window recorded N305.75 to the dollar.

Data from www.naijabdcs.com showed that the naira traded at N361.5, N362 to the dollar in Abuja and Kano, respectively, while the Pound Sterling and the Euro closed at N506, 4436 and N 498,436, respectively in Abuja and Kano.

Meanwhile, financial experts have noted that the currency swap deal between Nigeria and China would boost liquidity at the nation’s foreign exchange market, thereby reducing the pressure on the naira.

Nigeria and China sealed a 2.4 billion dollars currency-swap deal on May 4, in China.