Naira Trades N457/$ on Parallel Market

By Modupe Gbadeyanka

The Naira appreciated further at the parallel market on Tuesday, exchanging at N457 to the Dollar in contrast to N460 it went for the previous day.

Traders told Business Post that the intervention of the Central Bank of Nigeria (CBN) was already yielding results, though they expressed pessimism as regards if it would solve the foreign exchange problem permanently.

The local currency also recorded upward movement against the Pound Sterling, but suffered a loss against the Euro at the same segment of the market.

While the Naira closed yesterday at N545 to the Pound Sterling as against N550 it was sold on Monday, the Euro was traded at N480 in contrast to N476 it was transacted the previous day, representing a loss of N4.

The apex bank, as a way of easing the huge pressure on Naira, had been pumping Dollars into the market through banks to cater for forex requests.

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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