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BREAKING: Naira Makes Further Gain, Returns to N500/$

By Modupe Gbadeyanka

The Naira continued its further recovery run on Thursday afternoon when it exchanged at N500 to the Dollar at the parallel market.

About two weeks ago, the local currency first reached the N500 per Dollar mark before climbing to N522 this week, on Monday to be precise.

This forced the Central Bank of Nigeria (CBN) to release a new foreign exchange policy, which seems to have been working wonders.

Business Post correspondent reports that Naira opened at N505 against the Dollar this morning, but gained N5 to trade at N500 this afternoon.

Also, the Pound Sterling was exchanged for N600 compared with N620 it was traded this morning, while the Euro went for N510 in contrast to N520 it was exchanged on Thursday morning.

However, the Naira remained unchanged at the interbank segment of the market at N305.25k, while the Pound Sterling went for N378.75k and N321.58k to the Euro.

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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