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Naira Falls to 360.36/$ at I&E, Stays Firm at N363/$ at Black Market

By Dipo Olowookere

The Nigerian Naira closed mixed at the various segments of the foreign exchange (forex) market on Friday.

The local currency witnessed a slight depreciation at the Investors’ and Exporters’ (I&E) forex window against the Dollar.

The Naira was exchanged at the special forex market segment at N360.36 to the Dollar against N360.13 it was sold the previous.

However, at the Central Bank of Nigeria (CBN) Spot, the local currency was traded at N305.95 per Dollar, the same rate it went for on Thursday.

In the same vein, the Naira remained unchanged at the CBN SMIS window, trading at 330 to the Dollar.

Similarly, the local currency, at the parallel market, stayed firm, exchanging at N363 to a Dollar, the amount it was traded the previous day.

Business Post reports that at the same black market, the local currency was exchanged at N500 to the British Pound Sterling, the same rate it went for on Thursday.

However, the Naira slumped against the Euro at the black market, going for N442 in contrast to N440 it was sold the previous day.

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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