Naira Gains Against Euro, Firm Against Dollar at Black Market

By Dipo Olowookere

The Naira garnered N3 against the Euro at the parallel market on Tuesday though it remained unchanged against both the Dollar and the Pound Sterling at the same market segment.

Business Post reports that the local currency was exchanged at N440 to the Euro yesterday in contrast to N443 it was traded on Monday.

Yesterday, the Central Bank of Nigeria (CBN) supported the interbank foreign exchange market with another $210 million.

The amount was to help authorised forex dealers meet the demands of their customers, who need the hard currencies to complete their transactions abroad.

At the close of trading activities at the forex market on Tuesday, the Dollar remained at N365, while the Pound stood at N500, same rates both currencies were traded on Monday at the black market.

A look at exchange rates of some of the top banks in Nigeria showed that the Dollar was exchanged at N367 by both Access Bank and First Bank, while it went for N368 at GTBank, according to the popular exchange rate website, Aboki FX.

On the CBN platform, the Dollar remained at N353.23.

However, the local currency depreciated against both the Pound and Euro.

The Naira, which was sold for N483.72 on Monday, was exchanged at N486.33 on Tuesday.

In the same vein, the local currency, which was traded at N426.59 per Euro on Monday, went for N427.15 yesterday.