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Naira Performs Woefully at Black Market, Sheds N6

By Dipo Olowookere

It was a bad day for the Nigerian currency at the black market yesterday, losing N6 against the three major currencies at the foreign exchange market; the Dollar, Pound and Euro.

Business Post reports that the local currency struggled at the market despite the $195 million injected into the forex market by the Central Bank of Nigeria (CBN) this week.

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The Naira, which had lately remained relatively stable against the Dollar at N363 for weeks at the parallel market, depreciated by N1 on Thursday to close at N364 per Dollar.

The local currency suffered the heaviest loss yesterday against the Euro at the black market, shedding N3 to finish at N425 to the Euro.

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In addition, the Naira lost N2 against the Pound despite huge pressure on the British currency amid political uncertainty in the United Kingdom.

At the close of business yesterday, the Naira was exchanged at N474 to the Pound against N472 it was sold the previous day.

Some forex traders informed Business Post that the Naira might regain its strength against the Dollar at the close of transactions today.

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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.

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