The naira yesterday appreciated at the parallel market after two weeks of posting losses. As naira gained three points to exchange at N490, from N493 it posted last Friday, while the pound sterling and the euro traded at N600 and N506, respectively at bureau de change window
While at CBN rate, the currency closed at N399, pound sterling and the euro traded at N599 and N510, respectively.
However Trading on the floor of the inter-bank market saw the naira stable at N305.00. As Traders linked the appreciation of the naira to slow activities at the market.
Investors are still asking the Central Bank of Nigeria (CBN) to devalue the local currency, despite a rise in the country’s dollar reserves, as naira still exchanged around N490 in spite of speculations that it would hit the N500 to a dollar mark.