Naira Trades Flat at Black Market, Mixed at Other Segments

Naira against Dollar

By Modupe Gbadeyanka

The local currency traded flat at the parallel segment of the foreign exchange (forex) market on Wednesday.

The Naira, which was sold at N364 to a Dollar on Tuesday, remained at the same rate yesterday, while the local currency, exchanged at N507 to the Pound on Tuesday, closed at the same amount on Wednesday.

Also, the Nigerian legal tender, which was transacted at N448 per Euro two days ago, settled at N448 at the close of business yesterday.

At the Investors’ and Exporters’ forex (I&E FX) window yesterday, the Naira was exchanged at N360 yesterday, while at the CBN window, it was sold at N353.23 per Dollar.

However, at the same segment, the Pound was sold for N492.24 against N491.93 the previous day, while it went for N430.60 per Euro compared with N431.54 a day earlier.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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