Naira Trades Flat at Black Market at N362/$

By Modupe Gbadeyanka

The local currency on Monday mainly traded flat against major currencies at the parallel segment of the foreign exchange (forex) market in Nigeria.

For example, the Naira was sold at the black market at N362 to a Dollar, the same amount it went for last Friday.

In addition, the currency was exchanged at N490 to a Pound Sterling at the same segment of the market. This was the same price it was exchanged in the previous session.

However, the Nigerian Naira suffered a 0.24 percent loss yesterday against the Euro, trading at N424 against N423 it traded last Friday.

At the Central Bank of Nigeria (CBN) window, the local currency appreciated slightly to N305.90 against the Dollar from N305.95 last Friday.

Also, the Naira gained strength at the same window against the Pound Sterling, trading at N408.99 compared with N409.79 it went for in the previous session.

However, it was another poor performance against the Euro as the local currency was sold at N360.47 yesterday in contrast to N359.46 it was exchanged last Friday.

At the I&E segment, the Naira appreciated by 0.01 percent to close at N360.87 per Dollar against N360.91 it was previously sold.