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Naira Soars Further, Trades N450/$

By Dipo Olowookere

The release of more Dollars into the foreign exchange market by the Central Bank of Nigeria (CBN) has continued to yield meaningful results.

This is because the scarcity of Dollar that earlier characterised the weakening of the Naira at the forex market is gradually becoming a thing of the past.

At the parallel segment of the forex market on Monday, the Naira made a further gain of N10 against the Dollar, closing at N450 per Dollar in contrast to N460 it opened.

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Also, the local currency made a gain of N15 against the Pound Sterling at the parallel market to close N560, while it ended at N470 to the Euro after opening at N480 on Monday.

The CBN yesterday said it further released about $180 million to cater for Dollar demands for payment of school fees, medicals and others.

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Before now, the huge demand for the foreign currency made it very scarce because the supply could not satisfy the needs.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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