Naira Soars against Dollar, Falls against Pound at Parallel Market

By Modupe Gbadeyanka

The local currency suffered a loss against the British Pound Sterling at the parallel market on Friday afternoon, dropping N5 as at the time of filing this report by Business Post correspondent.

However, it soared against the US Dollar at the same segment of the foreign exchange market in Nigeria by N5.

On Friday morning, when the market opened for the day’s trading, the Naira was exchanged at N455 to the Dollar, but gained N5 to go for N450 per Dollar in the afternoon.

Also, the Naira recorded a rise of N3 against the Euro to sell for N472 in the afternoon in contrast to N475 it was traded in the morning.

But the Nigerian currency slumped against the Pound Sterling at the parallel market.

On Friday morning, the local legal tender was sold for N540 to the Pound Sterling, but crashed to N545 per Pound Sterling in the afternoon.

This comes after the Central Bank of Nigeria (CBN) approved the sale of Dollars to more bureaux de change operators in the country to ease the pressure on Naira and further tighten the gap between the interbank and parallel forex markets.