Naira Closes Flat at Black Market on First Day of 2018

January 2, 2018

By Dipo Olowookere

The Nigerian currency on Monday, January 1, 2018, closed flat at the parallel (black) segment of the foreign exchange market.

Business Post reports that at the first trading day of this year, the Naira stayed unchanged against the three major foreign currencies at the market.

Specifically, the local currency was exchanged at N363 to a Dollar at the black market, the same amount it went for in the last trading day of 2017, Friday, December 29.

Similarly, the Naira was sold at the parallel market at N484 per the British Pound Sterling, while it was traded at N426 to the Euro yesterday.

The local currency, last year, recorded a huge improvement as a result of the regular intervention by the Central Bank of Nigeria (CBN).

This intervention was done by releasing forex into the market, which helped strengthen the local currency against others.

As at February 2017, the Naira was trading over N500 per Dollar, but with the apex bank’s intervention, it closed the year at N363 to a Dollar.

Dipo Olowookere

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 [email protected]

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