Naira Falls Further to N465/$ at Parallel Market

March 3, 2017
Naira Falls Further to N465/$ at Parallel Market

Naira Falls Further to N465/$ at Parallel Market

By Modupe Gbadeyanka

The free fall of the Nigerian currency continued on Friday afternoon at the parallel market with the Naira trading at N465 to the Dollar.

The Naira had opened today at N458 per Dollar, but hours later, it crashed by N7 to settle for N465 per Dollar.

It was the same story with the Pound Sterling and Euro.

While the Naira, on Friday afternoon, exchanged at N542 to the Pound Sterling, it traded at N480 per Euro at the parallel market.

Both currencies had opened on Friday morning at N540 and N475 to the Pound Sterling and Euro respectively.

But at the interbank segment of the foreign exchange market, the Naira gained 25k against the Dollar to exchange at N305.25k.

Also, the Naira appreciated by N5.4k against the Pound Sterling to trade at N374.79k, while it soared by N2.71k against the Euro to go for N321.15k.

Modupe Gbadeyanka

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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