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Naira Gains N2 Against Dollar At Parallel Market

naira-dollar-forex

By Modupe Gbadeyanka

The Naira picked up a N2 gain against the Dollar at the parallel market on Tuesday, boosting confidence of some Nigerians that better days are ahead for the country’s currency.

The Nigeria’s legal tender had experienced a free-fall for a while now with the Naira going as low as N492 per Dollar some days ago.

Last Friday, Travelex commenced the sale of FOREX to the Bureau De Change (BDC) and it was predicted that Naira would perform well at the market against the Dollar.

This showed on Monday, when the Naira closed at 470 to a Dollar.

On Tuesday, it finished at N468 per Dollar at the parallel market, appreciating by N2.

At the official inter-bank market, the Naira stayed at 304.75k per Dollar, while at the BDC segment of the market, the Naira was traded at 380 to the Dollar.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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