Naira Loses against Euro, Stays Firm against Dollar, Pound

October 25, 2017
naira-dollar-forex

By Dipo Olowookere

The Nigerian currency lost its strength against the Euro at the parallel segment of the foreign exchange (forex) market on Wednesday.

This came after the Central Bank of Nigeria (CBN) released $195 million to the inter-bank segment of the market on Monday to sustain the flow of forex at the market.

At the close of business today, the Naira depreciated by N1 against the Euro, finish at N425 to the Euro, compared with N424 it traded yesterday.

However, the local currency stayed firm against the two other major foreign currencies, the Dollar and Pound Sterling.

At the end of transactions on Wednesday, the Naira closed N363 to a Dollar, the same rate it ended on Tuesday.

In addition, the local currency closed flat at the black market against the Pound Sterling, closing at N475, the similar rate it was transacted yesterday.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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