Naira Declines to N500/£ at Black Market

By Modupe Gbadeyanka

The Nigerian currency suffered a N5 loss against the Pound Sterling at the parallel segment of the foreign exchange market on Friday afternoon, trading at N500.

The Naira was sold for N495 to the British Pound Sterling in the morning, before depreciating by N5 hours later to go for N500.

It was also the same story with the Naira against the Euro, going down by N2 to exchange at N422 this afternoon at the black market.

However, the Naira stayed firmed at N391 to the Dollar at the same segment of the forex market. The Naira had remained the same throughout this week at the black market.