Naira Suffers Decline at Black Market

By Modupe Gbadeyanka

The Nigerian currency suffered a marginal loss at the parallel market on Wednesday, depreciating against both the Euro and the Pound Sterling cumulatively by N3.

However, the Naira, Business Post reports, remained unchanged against the Dollar at the close of transactions yesterday.

The fall of the local currency came a day after the Central Bank of Nigeria (CBN) released the sum of $210 million into the foreign exchange market to sustain supply of forex to traders and customers.

The apex bank had shared the forex to the wholesale, small and medium scale enterprises (SMEs) and invisibles segments of the market on Tuesday.

A breakdown of the disbursement showed that the wholesale segment got $100 million, while the SMEs segment was allotted $55 million, and the invisibles segment also received $55 million.

But a day after this intervention, the Naira suffered a slip at the black market.

Yesterday, the Naira was exchanged for N426 to a Euro against N425 it went for the previous day, while it was sold for N482 per Pound compared with N480 per Pound it was traded on Tuesday.

However, the local currency was traded at N363 to a Dollar at the market on Wednesday, the same rate it was sold on Tuesday.