Dollar Crashes to N410 at Black Market

March 22, 2017
naira and dollar

Dollar Crashes to N410 at Black Market

By Modupe Gbadeyanka

The Naira has continued to gain strength against the Dollar at the parallel segment of the foreign exchange market in Nigeria.

On Wednesday afternoon, the local currency gained N20 against the Dollar, settling at N410 per Dollar at the black market.

This improvement comes barely 24 hours after the Central Bank of Nigeria (CBN) announced at the end of its two-day Monetary Policy Committee (MPC) meeting in Abuja that it was retaining all key rates at 14 percent.

Business Post correspondent reports that at the same segment of the forex market, the Naira also appreciated by N20 against the Pound Sterling to trade at N510.

However, the Naira only gained N15 against the Euro, going for N435 as at the time of filing this report.

Modupe Gbadeyanka

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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