After two-week losing streak, naira gains against the dollar

The naira on Monday appreciated at the parallel market after two weeks of posting losses.

The currency gained three points to exchange at N490, from N493 it posted last Friday, while the pound sterling and the euro traded at N600 and N506, respectively.

At the bureau de change window, the naira closed at N399, the CBN rate, while the pound sterling and the euro traded at N599 and N510, respectively.

Trading on the floor of the inter-bank market saw the naira stable at N305.00.

Traders at the market linked the appreciation of the naira to slow activities at the market.

The naira had exchanged around N490 in spite of speculations that it would hit the N500 to a dollar mark.

Investors are asking the Central Bank of Nigeria (CBN) to devalue the local currency, despite a rise in the country’s dollar reserves.