Dollar Falls to N390/$ at Parallel Market

By Modupe Gbadeyanka

The free-fall of the Dollar against the Naira on the parallel market continued on Friday afternoon as it crashed to N390.

The Nigerian currency opened for the day’s trading at N400 per Dollar on Friday morning, but it improved by N10 hours later.

On Thursday, the Naira hit the N400 per Dollar mark for the first time since August 2016.

Since mid-February 2017, the Central Bank of Nigeria (CBN) introduced a new foreign exchange policy, which some observers say has been the reason for the latest strength the local currency has been gathering against the Dollar.

Business Post reports that as at the time of filing this report, the Naira was being traded against the Pound Sterling at N490 against N500 it opened this morning.

However, the Naira remained unchanged against the Euro as at the time of publishing this story, selling at N430.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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