Naira Stays Firm at Black Market to Trade N365/$

By Dipo Olowookere

The Nigerian currency on Monday traded flat at the parallel segment of the foreign exchange market.

Business Post reports that the local legal tender remained unchanged at the close of transactions yesterday.

Specifically, the Naira was quoted at N365 to a Dollar at the black market, the same rate it was exchanged last Friday at the same market segment.

Also, the Nigerian currency was traded at N485 per Pound on Monday, the same amount it was sold the last trading session.

Furthermore, the local currency was sold at the parallel market yesterday at N427 to the Euro, the similar price it was transacted last Friday.

Some of the traders who spoke with Business Post yesterday noted that the demand for forex was gradually increasing as a result of end of the year activities.

The huge demand, according to one of the forex traders at the Olugbede Modern Market at Egbeda, Lagos, in who identified himself as Usman Mohammed, is mainly from those buying forex to travel this Yuletide period and as well customers buying forex for keeps for use early next year.