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Naira gains against dollar across markets ahead of elections, trades N358/$1 at parallel market

Nigerian Naira closes at N358 to the dollar at the parallel market on Friday.

naira-dollar-4-1
  • Naira trades N358 to the dollar at the parallel market
  • At the Investors’ & Exporters’ FX Window (I&E; FX), the currency closes at N361.49 to the dollar
  • Google glitch on Naira to Dollar rate causes panic among Nigerians
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Naira closed N358 to the dollar at the parallel market on Friday, trading below the usual N360/$1 as the election mood sets in.

According to the News Agency of Nigeria (NAN), the Naira closed at N470 and N408 against the Pound and Euro respectively at the parallel market. 

On the official market, it closed flat at N306.80 per dollar.

At the Investors’ & Exporters’ FX Window (I&E FX), the currency closed at N361.49 to the dollar from N361.71 it traded on Thursday.

Naira maintains stability against the dollar despite election delays

The local currency, Naira, has maintained stability at the forex market despite election delays as the Central Bank Of Nigeria (CBN) continues to intervene to ensure liquidity.

Traders believed that the demand for the dollar was low as the market was already preparig for the elections.

Google glitch on Naira to Dollar rate causes panic among Nigerians

An error on Google is causing a stir among Nigerians on Twitter.

A Google search shows the Nigerian Naira is trading at 184 per US dollar, nearly twice as strong as its current value of 362. However, a quick look at the chart shows the currency at the correct value, trading around N360 to the dollar.

Google has released a statement to clear the air. The comppany tweeted, "We’re aware of an issue causing inaccurate conversions for Nigerian Naira currency, so we will remove the conversion onebox from appearing in search results until we are able to diagnose the issue."

Nigeria's elections kick off on Saturday and the main contenders are President Muhammadu Buhari, who is seeking a second term in office, and former Vice President Atiku Abubakar.

Nigeria's central bank keeps intervening

On Tuesday, Nigeria's central bank pumped $210 million into the inter-bank foreign exchange market in its determination to boost supply in that sector of the market.

Isaac Okorafor, CBN spokesperson said the CBN was very pleased with the stability of the forex market and it will continue to intervene in order to ensure the liquidity in the market.

According to him, having virtually achieved the objective of rates convergence, the bank was committed to sustaining the gains recorded in the foreign exchange market.

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