Nigerian naira appreciates marginal to N364 per dollar at parallel market

Nigerian naira appreciates marginally to N364 per dollar at parallel market

‎Nigerian Naira on Tuesday appreciated marginally against the dollar at the parallel market.

The currency gained N1 to exchange at N364 to the dollar, stronger than N365 posted on Friday, while the Pound Sterling and the Euro closed at N470 and N430.

Trading at the Bureau De change (BDC) window saw the Naira closing at N362 to the dollar, while the Pound Sterling and the Euro traded at N470 and N430.

At the investors’ window, the Naira was sold at N360.39 to the dollar, while it exchanged at N305.8 to the dollar at the interbank market.

According to NAN, traders said that activities at the market was yet to resume fully as most traders were yet to come come back from the Sallah break.

Meanwhile, the country’s gross domestic product (GDP) growth rate grew at 0.55 per cent in the second quarter (Q2) of 2017 signalling exit from fifth consecutive quarters recession.

The Q2 2017 growth rate of 0.55 per cent (year-on-year) was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (-1.49%) and higher by 1.46 per cent points from rate recorded in the preceding quarter, which was revised to –0.91% from –0.52% due to revisions to crude output for March 2017.

According to the Nigerian Bureau of Statistics results released on Tuesday, Nigeria’s economic recovery was driven principally by the performance of four main economic activities comprising oil, agriculture, manufacturing and trade.

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