Naira remains stable throughout Sallah break

The Nigerian naira remained stable at 423 to the dollar at the parallel market throughout the two-day Sallah break across the nation.

 Due to the closure of many trading outlets by bureau de change (BDC) operators across the country, the local currency was expected to depreciate against the greenback, but that was not the case.

The local currency closed at the parallel market at 423 per dollar in Abuja and Lagos on Friday.

British pounds and the Euro were going between 550 to 560 and 460 to 470 respectively.

Following the introduction of the new exchange rate regime, the naira has seen a massive depreciation at both interbank and parallel market.

The Central Bank of Nigeria (CBN) expects the naira to settle at 250, while the budget office eyes 290 to the dollar.

 -Thecable