Naira Slumps at Black Market as Pound Trades at N510

By Modupe Gbadeyanka

The Nigerian currency started the week yesterday on a very negative note at the parallel (black) market segment of the foreign exchange market.

At the market segment on Monday, the Naira lost N6 against both the British Pound Sterling and the Euro.

Business Post reports that the local currency depreciated by N5 against the Pound, trading at N510 yesterday compared with N505 it went for last Friday.

Also, the Naira went down marginally by N1 yesterday as the local currency was exchanged at N446 to the Euro against N445 it traded on Friday.

However, the local currency remained unchanged against the United States Dollar, trading at N364 at the black market yesterday.

A look at the CBN rates showed that the Naira was traded at N305.70 to a Dollar against N305.65 last Friday, N430.12 per Pound compared with N435.77 and N379.04 to the Euro in contrast to N379.16.

Naira Falls to N1,154/$1 at NAFEM, N1,120 at Black Market

April 19, 2024

Naira Nears N1,000/$1 at Official, Parallel Markets

April 18, 2024

Naira Weakens 1.07% to N1,148/$1 as Nigeria’s FX Reserves Dip

April 17, 2024

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.