Naira Depreciates to N366/$ at Black Market

By Modupe Gbadeyanka

The Naira continued its fall at the parallel market on Friday, declining against the three major foreign currencies at the foreign exchange (forex) market by N4.

The local currency, which was traded at N364 to the Dollar on Thursday, was exchanged at N366 per Dollar at the close of transactions on Friday.

Also, the Nigerian money tripped against the British Pound, closing at N475 yesterday against N474 it traded the previous day.

Furthermore, the Naira depreciated against the Euro at the black marker on Friday, selling for N426 compared with N425 it went for on Thursday.

However, the local currency remained flat at the Central Bank of Nigeria (CBN). The Naira was exchanged at N305.95k per Dollar on the platform, same rate it traded on Thursday.

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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.