Naira Stable at N506 per Dollar on Parallel Market

By Modupe Gbadeyanka

The Nigerian currency, the Naira, closed on the first trading day of the week at N506 to a Dollar at the parallel market on Monday.

The local currency opened the trading week at N506 per Dollar and remained stable for the whole of the day.

At the tail end of last week, the Naira had first fallen to an all-time low of N503, but about 24 hours later, it crashed further to a fresh all-time low of N506 per Dollar at the black market.

However, Business Post correspondent reports that while the Dollar was stable at the parallel market, it was not so for the British Pound Sterling.

The Pound Sterling, which opened at N617 on Monday morning, was traded at N612 in the afternoon and closed at N615 in the evening.

However, the Naira gained strength against the Euro.

While it opened at N531 per Euro, it gained N1 to finish at N530, same rate it was exchanged in the afternoon at the black market.

Shortage of Dollar at the foreign exchange market has plunged the local currency into deeper crisis.

The Central Bank of Nigeria (CBN) came up with different policies to give more flesh to the Naira, but these have not yielded the needed results.