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 Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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