Naira Remains Stable at N455/$, Gains N25 Against £

By Modupe Gbadeyanka

The Nigerian Naira remained relatively stable at N455 to the Dollar at the parallel market on Wednesday after it recorded a loss of N5 on Tuesday.

It was the first time on Tuesday that the local currency depreciated against the Dollar at the parallel market since the Naira started its recovery run after the Central Bank of Nigeria (CBN) introduced a new forex policy last week, moving from N450 per Dollar on Monday to N455 the next day.

Business Post reports that at that part of the market yesterday, the Naira was sold at N455 to the Dollar in the morning, afternoon and evening.

However, the local currency strengthened further against the British Pound Sterling, mopping up an additional N25.

It was observed that the Naira was traded at N535 to the Pound Sterling (£) in the afternoon and evening in contrast to N560/£ it went for on Wednesday morning.

But for the Euro, the Naira remained flat at N460 all day.