Naira Further Appreciates Against Euro at Black Market

By Modupe Gbadeyanka

The Nigerian local currency continued its impressive performance against the Euro at the black market on Tuesday.

The Naira, which had gained N4 against the Euro at the close of transactions on Monday, further went up by N1 against the Euro to finish at N420 against N421 it was traded on Monday.

This strength further gained by the Nigerian currency against the Euro at the parallel market came on a day President Muhammadu Buhari presented the 2018 appropriation bill to a joint session of the bicameral legislative arm of government.

Business Post reports that though the Naira appreciated against the Euro, it remained unchanged against both the Dollar and the Pound Sterling.

At the close of Tuesday’s trade, the Naira finished at N363 per Dollar, while it ended at N475 per Pound at the parallel market.

Meanwhile, at the I&E forex window, the Naira was traded at N360.46k per Dollar on Tuesday compared with N360.05k it was traded the previous day.

However, the CBN rate remained at N305.90k per Dollar, and N330 per Dollar at the retail Secondary Market Intervention Sales (SMIS) segment.