Naira Trades N407/$ at Black Market

April 19, 2017

By Modupe Gbadeyanka

The Nigerian currency on Tuesday soared at the parallel segment of the foreign exchange market against the Dollar, after the American currency depreciated by 0.73 percent.

Business Post correspondent reports that the Naira recorded a gain of N3 against the Dollar to close at N407 compared with N410 to the Dollar it traded before the Easter break.

This came after the central bank increased the sale of forex to the licenced Bureaux De Change (BDC) operators in the country to $20,000 twice a week from $10,000 it previously offered to them.

The apex bank has continued to make forex available to end-users in order to restore the Naira to its former shape.

A look at the Nigerian currency against the two other major world currencies at the black market showed that the Naira gained same amount against the Pound Sterling to sell at N497, while it appreciated by N5 against the Euro to go for N430.

Modupe Gbadeyanka

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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