Dollar Crashes to N410 at Black Market

By Modupe Gbadeyanka

The Naira has continued to gain strength against the Dollar at the parallel segment of the foreign exchange market in Nigeria.

On Wednesday afternoon, the local currency gained N20 against the Dollar, settling at N410 per Dollar at the black market.

This improvement comes barely 24 hours after the Central Bank of Nigeria (CBN) announced at the end of its two-day Monetary Policy Committee (MPC) meeting in Abuja that it was retaining all key rates at 14 percent.

Business Post correspondent reports that at the same segment of the forex market, the Naira also appreciated by N20 against the Pound Sterling to trade at N510.

However, the Naira only gained N15 against the Euro, going for N435 as at the time of filing this report.