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Naira Remains Stable at N516/$ Friday

By Modupe Gbadeyanka

The Nigerian currency, the Naira, remained relatively stable at the parallel market on Friday all through the day.

The local legal tender opened for at N516 to the Dollar on Friday morning and remained so in the afternoon and evening when it closed for the day’s trading.

The Naira reached an all-time low of N516 per Dollar on Thursday amid the continuous shortage of Dollar in the foreign exchange market in the country.

However, the Euro, which opened for the day at N538, closed for the day at N540.

But for the Pound Sterling, it remained the same value it opened on Friday at N630.

Business Post reports that at the interbank segment of the foreign exchange of the market, the Dollar was exchanged for N305.50k it closed yesterday, while the local currency gained N2.56k against the Pound Sterling to end at N379.28k and the Euro was traded at N325.30k against N324.87k it went for on Thursday.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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