Modupe Gbadeyanka
By Modupe Gbadeyanka
The Nigerian Naira was traded at the parallel market on Wednesday the same rate it was sold on Tuesday at the same segment of the foreign exchange market.
The local currency had lost N5 to the Dollar on Tuesday after exchanging at N405 against the American currency on Monday.
The decline came when the Central Bank of Nigeria (CBN) sold $100 million to the foreign exchange market in a bid to give the Naira strength.
However, the Naira depreciated against both the Pound Sterling and the Euro at the black market yesterday, trading at N499 and N435 respectively compared with N490 and N430 they were sold on Tuesday.
The central bank is still racking its head on how to solve the forex crisis in the country. The apex bank has been criticised for its different policies aimed at bringing the local currency back on its feet.
