Naira Loses Against the Dollar... See Latest Value

Bundles of naira note

 

The Naira on Tuesday depreciated marginally against the dollar at the parallel market, newsmen report.

 

The Nigerian currency on Tuesday afternoon lost one point to exchange at N391 to the dollar, weaker than N390 posted on Friday, while the Pound Sterling and the Euro closed at N498 N420 respectively.

 

At the Bureau de Change (BDC) window, the Naira was sold at N362 to the dollar, while the pound sterling and the Euro exchanged at N490 and N417 respectively.

Naira Bounces Back After One-Week Depreciation

The naira on Tuesday appreciated against the dollar at the parallel market after a one-week depreciation.
The naira traded between N380 (buying), and N390 (selling) stronger than N395 recorded on Monday, while the Pound Sterling and the Euro closed at N480 and N415 respectively.

Nigerian Naira Records 12.36 % Gain in One Week, More BDC Operators to Lose Money...See Important Details

Bundled of Nigerian naira

 

There are indications that the Nigerian naira will continue to post rapid recovery next week after gaining a whopping 12.36 % gain in one week. 

The Naira recorded an appreciation of 12.36 per cent at the parallel market in the last one week.

 

The News Agency of Nigeria  reports that the Naira traded at N440 last Monday while it closed at N390 to the dollar on Friday.

 

In the week under review, experts commended the Central Bank of Nigeria (CBN) for its intervention at the foreign exchange market, but appealed to the apex bank to eliminate the multiple rates in the market.

 

As the Naira continues to appreciate, experts say it is necessary for the CBN to adjust applicable rates in different segments of the market in the overall interest of the economy.