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Naira Depreciates Against Euro at Black Market

By Dipo Olowookere

The Naira on Thursday recorded a bad day against the Euro at the parallel segment of the foreign exchange market.

This was because the local currency suffered a N3 loss against the Euro, trading at N430 against N427 per Euro it was exchanged the previous day.

Business Post gathered that the Nigerian currency had traded at the market segment at N427 per Euro in the morning, but later in the afternoon, it lost N3 to exchange at N430, closing for the day at the same amount.

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However, the local currency remained unchanged against both the Dollar and the British Pound Sterling at the parallel market.

The Naira, at the market yesterday, was exchanged throughout the day at N363 to a Dollar, the same rate it was traded on Wednesday.

Also, the local currency was transacted at the black market N485 to the Pound throughout the day, the same amount it was exchanged the previous day.

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At the CBN window, the Naira was traded at N305.95 per Dollar, the same amount it went for on Wednesday.

However, it appreciated against the Pound Sterling, selling at N414.75 against N414.90 it traded the previous day.

But the local currency, at the CBN window, depreciated against the Euro, trading at N369.04 compared with N367.60 it was transacted on Wednesday.

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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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