CEM REPORT, FINANCE | The Nigerian Naira (NGN) has opened this week weakened against the United States Dollars (USD). The parallel market opened trading of the dollar at N746/1 USD.
CEM gathered that parallel market traders are willing to buy the green back at N744/1 USD.
At the official window, the dollar is still averaging around N460. With a difference of about N286, the parallel market continues to maintain wide gap from the official market as policies have continued to spur its patronage for FX by an average seeker.
Other Markets
The pound opened the week weakened against the naira selling at N915/1GBP at the parallel market. Traders are willing to buy at N900/1GBP.
The Euros however strengthen against the naira selling at N789/1euro and buying at N772/1euro.
The official rate of both currencies is averaging at 558.5 for the pound and 489.57 for the euro.