Naira Loses N10 Against Pound, Euro at Black Market

By Dipo Olowookere

It was a very bad day for the Nigerian currency at the parallel segment of the foreign exchange market yesterday.

The Naira suffered a total loss of N10 against the British Pound Sterling and the Euro at the black market.

Business Post reports that while N4 was lost against the Pound, the local currency shed N6 against the Euro.

The Naira, which traded at N488 per Pound on Tuesday, was exchanged the next day at N492 at the parallel market.

Also, the Nigerian legal tender, which was sold for N434 to the Euro at the black market on Tuesday, went for N440 yesterday.

However, the Naira remained unchanged against the Dollar at the close of transactions on Wednesday, trading at N364.