Black Market Operators Trade Naira at N363/$

By Dipo Olowookere

The Naira closed flat on Monday at the parallel segment of the foreign exchange market, trading at N363 per Dollar.

It was the same amount the local currency was exchanged last Friday at the same segment of the forex market.

Traders told Business Post that since the intervention of the Central Bank of Nigeria (CBN) earlier this year, there has been stability at the market.

However, they lamented that they have been finding it a bit difficult to access forex from commercial banks because of CBN rules.

At the market yesterday, the Naira was exchanged at N478 to the British Pound, same it was traded last Friday.

However, the local currency depreciated against the Euro, selling at N425 to the Euro against N421 it was exchanged last Friday.

The apex bank is still working tirelessly to ensure that the difference in the exchange rate of Naira to the Dollar at the black market and the inter-bank is not more N5.

At the moment, it is still more than N40.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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