Naira stable at N306 to dollar at parallel market

The naira continued to maintain an average value of N306 to the dollar on Friday, few days after the apex bank retained its monetary policy ratio (MPR).

The apex bank’s monetary policy committee retained its MPR at 11 per cent and the cash reserve ratio (CRR) at 20 per cent.

The naira lost a point from the N305 to a dollar it had previously exchanged, a depreciation of 0.3 per cent.

It, however, closed at N197 to the dollar at the official Central Bank rate.

Traders at the market cited shortage of the greenback and anxiety over calls for the devaluation of the nation’s currency.

They argued that the devaluation wind was still affecting sales at the market.