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Naira Gains N12 Against Dollar, Pound, Euro at Black Market

By Modupe Gbadeyanka

The Nigerian local currency performed excellently yesterday at the parallel market against the major foreign currencies, gaining a total of N12 against the three major foreign monies.

While the Naira chalked up N1 against the Dollar, it gained N5 against the British Pound Sterling, and N6 against the Euro.

On Tuesday, the Central Bank of Nigeria (CBN) sustained forex liquidity with the release of $195 million into the inter-bank segment of the market.

This was to meet demands of genuine customers who need forex for payment of fees, import of materials and others.

Business Post reports that at the end of business activities yesterday at the black market, the Naira closed at N363 per Dollar against N364 to the Dollar it ended on Tuesday.

In addition, the local currency was exchanged yesterday at the same market at N480 per Pound Sterling against N485 it traded a day earlier.

Furthermore, the Naira was sold for N427 to the Euro on Wednesday against N421 per Euro it traded on Tuesday.

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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