Naira maintains N350 to dollar at parallel market

The Naira on Tuesday traded at N350 to the dollar, maintaining its value since Friday.


The naira, however, weakened further against the Pound Sterling as it exchanged at N507 to the Pound from N500 it traded on Friday, while the naira exchanged for N385 to the Euro.

Pending the implementation of the flexible exchange rate policy by the Central Bank of Nigeria (CBN), the official rate remained at N197 to the dollar.

Traders at the market said that the demand for the Pounds had been on the increase, necessitating its strength at the market.

They, however, expressed indifference to the release of the proposed guideline on the new forex regime, stating that their interest was anchored on the availability of foreign exchange for trading.