Forex Naira in stability contest against dollar

The Nigerian currency opened at N377 and closed at N378 against the dollar by Wednesday afternoon, a rate it had maintained for two days running.

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A trader changes dollars for naira at a currency exchange store in Lagos, Nigeria, February 12, 2015. REUTERS/Joe Penney/File Photo play A trader changes dollars for naira at a currency exchange store in Lagos, Nigeria, February 12, 2015. REUTERS/Joe Penney/File Photo
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The Naira on Wednesday struggled to maintain stability against the dollar at the parallel market, the News Agency of Nigeria (NAN), reports.

The Nigerian currency opened at N377 and closed at N378 against the dollar by Wednesday afternoon, a rate it had maintained for two days running.

The naira weakened further against the Pound Sterling but retained its rate with the Euro as it exchanged for N492 and N413, from N490 and N413 it posted on Tuesday.

At the Bureau De Change (BDC) segment of the market, the naira closed at N375, N490 and N405 against the dollar, Pound Sterling and the Euro, respectively.

The naira also depreciated further at the official interbank rate as it exchanged at N330.12 to the dollar.

Currency traders said the market was still suffering from liquidity challenges, adding that an intervention from the Central Bank of Nigeria (CBN) could ease the challenge.

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