Naira Closes Week N365/$ at Parallel Market

naira depreciate

By Dipo Olowookere

On Friday, August 4, 2017, the Naira closed for the week at the rate of N365 per Dollar at the parallel market, Business Post reports.

Traders said they were impressed with the intervention of the Central Bank of Nigeria (CBN), which has, in recent times, stabilised the local currency against its foreign counterparts at the market.

At the beginning of this week, the apex bank released $195 million into the foreign exchange market to meet demands of customers.

At the black market, the Naira had soared to N363 to the Dollar on Wednesday, but lost N2 the following day, selling at N365 per Dollar.

But a look at the local legal tender against the Pound Sterling showed that it traded yesterday at N475, same rate it was sold on Thursday.

Furthermore, the Naira was exchanged on Friday at the parallel market at N424 per Euro, same amount it went for a day earlier.

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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