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Naira Soars Back to N385/$ at Black Market

By Modupe Gbadeyanka

The Nigerian currency on Tuesday morning, appreciated back to N385 to the Dollar at the parallel market almost 24 hours after it crashed to N390 per Dollar.

This followed the release of $246.2 million into the foreign exchange market by the Central Bank of Nigeria (CBN) on Monday for wholesale, SMEs and invisibles.

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The Naira closed N390 to the Dollar on Monday, losing N5 against the Dollar at the black market, but this morning, it went back to N385 at the same market.

However, Business Post reports that the Naira still remained stable against both the Pound Sterling and the Euro as at the time of filing this story.

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While the Nigerian currency was sold at N495 to the Pound Sterling, it was traded at N415 to the Euro at the parallel market.

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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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