CEM REPORT, FINANCE | The naira has maintained its strength against the green back remaining unchanged at the parallel market, selling at N752 even as the Central Bank gave a go ahead for old notes to co-circulate with the redesigned.
Parallel market traders are still willing to buy the dollar at N750, for this analyst says everyone is watching how the CBN development and the cut down of BTA/PTA by DMBs will affect the market in the coming days.
Similarly, the official rates window is averaging around N460. With a difference of over N300, the parallel market has continued to be ahead of the official window with a wide margin in the Nigerian FX market.
The GBP on the parallel market is selling for N910 gaining some strength from N925 yesterday while the Euro is remained in changed at N785.
The official rate of the GBP and the Euro fell from N547 to N556 and from N486 to N492.8 respectively.