Naira Soars at Black Market

By Modupe Gbadeyanka

The first trading day of the week was positive for the local currency at the black market segment of the foreign exchange market.

The Naira recorded a marginal gain of N2 against the Dollar, closing at N365 to the American currency.

On the last trading day at the market last Friday, the Nigerian legal tender was sold at N367 per Dollar at the parallel market.

Traders told Business Post that it would be very difficult for the Naira to exchange around N300 to the Dollar at the black market anytime soon.

They said no matter the intensity of intervention of the Central Bank of Nigeria (CBN), the local currency will hover around N350 and N380 at the parallel market.

Yesterday at the black market, the Naira closed at N465 to the Pound Sterling, the same rate it finished last Friday.

It was a similar scenario for the Euro, which traded at N410 just like last Friday.