TheCable

The Naira closed trading on Friday on a stable terrain against the dollar at the official market.

It was traded at N155 against the dollar.

At the Bureau De Change (BDCs), the naira traded at N169 to the dollar at the close of the week, compared with the value of N166 on Wednesday.

It also maintained the status quo at N250.51 it recorded against the pounds at the official market since October 2.

The currency appreciated in transaction at the official market, recording N196 against the euro from N196.12 on Oct. 8.

The naira also dipped by 12 kobo against the pounds at the BDCs.

It gained N2 against the euro at the official market, selling at N220, down from N222 sold on Oct. 8.

At the parallel market, it has been exchanged at N168 to the dollar since September.

Against the pound, the naira was sold at N275 and for euro it went for N225 at the close of trading.

A trader attributed the depreciation in naira against the dollar to the Central Bank of Nigeria’s ongoing tight monetary policies.

The trader said that the CBN actions led to scarcity of the dollar.

He also linked the appreciation in naira against the pounds to the decision of the British to accept the use of euro.

NAN