The naira on Monday traded at N322 to a dollar at the parallel market in Lagos.
The News Agency of Nigeria (NAN) reports that the currency was stable the previous week, maintaining a value of between N315 and N320 to a dollar.
However, the naira traded at N450 and N360 for Pound Sterling and the Euro respectively at the day’s transaction.
The naira traded for N197 to a dollar at the official Central Bank of Nigeria (CBN) rate.
Traders at the parallel market said the proposed currency swap deal between Nigeria and China would shore up the value of the naira when implemented.
(NAN)The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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