Naira trades flat at 363/dollar

The naira is expected to remain stable across its multiple exchange rates as the currency hit a resistance level for investors and the Central Bank of Nigeria continues to intervene on the official market. According to Reuters, the local unit has hit resistance at 360/dollar for investors as banks are not willing to bid the United […]

Naira rebounds, closes at 365/dollar

The naira closed at 365 per United States dollar on Friday, up from 367/dollar as dollar supply continued to improve. The local currency has been trading between 367 and 369/dollar in recent weeks. Analysts said the local unit would continue to trade between 360/dollar and 370/dollar in coming months. They, however, said that the Central […]

Naira may depreciate on dollar shortage

The naira may depreciate against the United States dollar at the parallel market on dollar shortage next week. The local currency closed at 365/dollar on Thursday, the same level it recorded on Wedneesday. The local currency has been trading flat at 365/dollar since Monday. This was despite a $250m dollar injection by the Central Bank […]