Naira Gains 0.82% at Black Market as Pressure Eases

By Modupe Gbadeyanka

The local currency yesterday recorded a slight appreciation at the parallel market, going up by 0.82 percent at the close of transactions.

The Naira achieved this gain on Wednesday as pressure on the Nigeria money moderated just as the Central Bank of Nigeria (CBN) continue to ensure enough foreign exchange is supplied into the market.

The Naira, which was traded at the black market at N366 per Dollar on Monday and Tuesday, was sold on Wednesday at N363 to the Dollar.

This occurred as the CBN supplied the sum of $210 million into the forex market to boost liquidity and ensure customers have access to Dollars to complete their transactions.

Also, the local currency, which was exchanged at N428 to the Euro, went for N425 to one Euro yesterday.

In addition, the Naira, which was sold at N498 to the Pound Sterling at the parallel market, was traded at N497 yesterday.

On Monday, the CBN Governor, Mr Godwin Emefiele, paid an unscheduled visit to three commercial banks in Abuja to monitor the sale of forex Over-The-Counter (OTC) to customers.

This, according to him, was to know if the banks adhered to the apex bank’s directive on the sale of forex to genuine customers on the spot.