Naira Closes N495/$ at Parallel Market Thursday

By Modupe Gbadeyanka

The Nigerian currency closed strong against the Dollar on Thursday at the parallel market compared with what it posted yesterday.

The Naira, which closed at N505 to the Dollar at the end of trading activities on Wednesday, gained N10 today to finish at N495.

Many have attributed this sudden fresh air being breathed by the local currency to the new forex policy unveiled by the Central Bank of Nigeria (CBN) on Monday.

They said the decision of the apex bank to make more Dollars available to banks in Nigeria has led to the confidence in the Naira.

Since the new policy was introduced four days ago, the Naira has gained about N27 against the Dollar.