Naira Firms to N374/$ at Black Market

By Modupe Gbadeyanka

The Nigerian local currency appreciated against the Dollar at the parallel segment of the foreign exchange market on Thursday, closing at N374 to the Dollar, Business Post reports.

The Naira had opened for the day’s trading at N382 on Thursday morning, but close at the end of transactions in the evening at N374, representing a rise of N8 against the American currency.

This is the first major gain the Naira was recording against the Dollar in few weeks. The local currency had been hovering around N380 for sometimes now at the black market despite the various interventions of the Central Bank of Nigeria (CBN) to crash the foreign currency.

Few days ago, the apex bank released over $200 million into the forex market for invisibles, SMEs and others. The money was released to meet forex demands of customers.

Business Post further reports that at the market yesterday, the Naira remained the same value it opened against the Pound Sterling and the Euro with both currencies closing at N490 and N422 respectively.

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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