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Naira Weakens to N370/$ at Black Market

By Modupe Gbadeyanka

It was another bad day for the Naira on Thursday at the parallel segment of the foreign exchange (forex) market, going down by 1.09 percent against the Dollar.

The local currency, which was exchanged at N366 to a Dollar the previous day, was quoted at N370 per Dollar at the close of business.

However, the local currency remained unchanged against both the Pounds and Euro at N470 and N412 respectively.

Also at the interbank segment of the market, the Naira did not move an inch, trading at N306.80 to a US Dollar.

But at the Investors and Exporters window, the local currency appreciated by 0.02 percent to close at N364.08 to the Dollar.

This was as the market segment recorded a daily turnover of $516.57 million during yesterday’s trading session executed in 445 deals.

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.

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