Naira weakens marginally against dollar at parallel market

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At the Bureau De Change (BDC) window, the naira traded at N362 to the dollar, while the Pound Sterling and the Euro exchanged at N502and 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.

(NAN)

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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