A Review of the Nigerian Energy Industry

Naira stabilizes against the dollar

Naira stabilizes against the dollar.
Naira stabilizes against the dollar.

10 May 2015, Lagos – The Naira on Friday remained stable against some major international currencies at the official and parallel markets. Naira, at the official market traded for N197 to a dollar, the same market value at the beginning of the week.

At the Bureau De Change (BDCs), otherwise known as the parallel market, the Naira was firm, selling at N221 to a dollar.

At the black market, the Naira sold for N218 against the dollar from the N220 it traded at the beginning of the week.

Also, at the official market, the Naira depreciated against the pounds selling at N299.72k compared with the N297.35k it traded on May 4.

The Naira at the BDCs also remained stable, trading at N330 against the Pound Sterling. At the black market, it sold for N331 against the pound sterling from the N331.50k it initially traded at the beginning of the week.

The Naira against the Euro also depreciated by N3.31 at the official market to sell for N222.67k compared with N219.36k it sold on at the beginning of the week. However, the Naira maintained the week under review value recorded against the Euro at the BDC and black market and sold at N230.

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