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Naira trades higher at N607/$ on parallel market, firms at N420/$ on I&E

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The Nigerian currency waekened further against the greenback at the parallel market on Tuesday but firmed at the I&E foreign exchange window, according to currency traders.

The naira traded at N607 to the dollar on the parallel market while it closed at N420.75  to the greenback on the official window.

It means that while foreign exchange endusers are expected to pay more naira to buy dollars on the parallel market compare to the previous day, while they are expected to pay less naira to buy dollars on the I&E window.

While the local currency fell by 0.3 per cent or N2 on the parallel market while the local currency appreciated by 0.12 per cent on the investors and Exporters’ (I&E) window on Tuesday.

READ ALSO: Nigeria’s equity market declines N47 bln on profit taking

Bureau de change operators offer the dollar to buyers at N607 to the dollar and sell to buyers at N601 per dollar.

On the I&E window, most participants maintained bids between N413.00 and N444.00 per dollar during Tuesday’s trading.

On the money market, the interbank lending rates were flat as the Overnight (O/N) rate remained traded unchanged at 14.00 percent, while the Open Repo (OPR) decreased by 0.25 percent to close at 13.50 percent against the last close of 13.75 percent.

Traders said despite OMO repayment of N20.00 billion, the money market rates may remain at current levels in the near term.

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