Naira Gains Marginally Against Pound at Black Market as Operators Meet

By Dipo Olowookere

The Naira recorded a slight appreciation against the British Pound Sterling at the parallel market yesterday.

Business Post reports that the local currency was up by N1 against the Pound to close at N485 at the market segment on Tuesday.

The gain was ahead of a crucial meeting of operators in the parallel market in Lagos today to discuss issue affecting their business.

The forex traders are worried by the wide margin between the parallel market and the interbank segment of the foreign exchange market.

They would also look into statutory the payments made by them to the Nigerian government, which include taxes, fees to the Central Bank of Nigeria (CBN) amongst others.

Though the Naira appreciated the Pound at the market yesterday, it stayed firm against both the Dollar and the Euro.

The local currency was exchanged by traders on Tuesday at N363 to the Dollar, while it was transacted at N432 to the Euro at the black market.

At the CBN window, the Naira remained at N305.90 per Dollar, while it appreciated against the Pound, selling at N414.22 in contrast to N414.28 it went for the previous day.

Furthermore, the local currency appreciated against the Euro, exchanging at N364.91 versus N366.71 it traded on Monday.