Naira Makes Further Sharp Recovery, Now N505 Per Dollar

By Modupe Gbadeyanka

The Nigerian Naira recovered further against the Dollar at the parallel market on Wednesday afternoon when it traded for N505.

The local currency had closed on Tuesday at the same segment of the market at N516 to the Dollar, while the Pound Sterling finished at N630 and the Euro at N540.

However, at the start of trading activities today, the Naira gained N1 against the Dollar to go for N515 per Dollar, while it sold for N630 to the Pound Sterling and N540 to one Euro.

It was observed that few hours later, on Wednesday afternoon, the Naira gained another N10 against the US currency to exchange at N505 per Dollar.

It was the same story for the Naira against both the Pound Sterling and the Euro.

As at the time Business Post published this story, 4:36pm, the Naira was being traded at N620 and N520 to the Pound Sterling and Euro respectively.

Since the CBN introduced a new forex policy on Monday, the Naira has experienced a massive recovery.

On Monday, the Naira fell to a new all-time low of N522 to the Dollar.