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Naira Returns To N465 Per Dollar Thursday

naira-dollar-forex

By Modupe Gbadeyanka

Barely 24 hours after it recorded a sharp decline, the Naira regained strength against the Dollar at the parallel market today to close at N465 per Dollar.

Yesterday, the country’s currency depreciated three times in six hours at the black market, causing currency traders to become very apprehensive. This was after it had appreciated for about four weeks.

On Wednesday, the Naira had exchanged at N467 to the Dollar as at 4:30pm after it had gone for N455 and N460 per Dollar in a couple of hours.

Before then, the Nigerian currency had remained stable at the unofficial market at N455 to a Dollar.

However on Thursday, the Naira bounced back after gaining N5.

Business Post correspondent gathered that this was due to liquidity boost at the market.

It was the same story at the Bureau De Change (BDC) segment of the foreign exchange market as the Nigeria’s local currency finished at N385 to a Dollar. The Pound Sterling and the Euro closed at N560 and N503 respectively at the BDCs.

Meanwhile, at the official interbank market, the Naira was exchanged at N305 to a Dollar.

According to market observers, the Naira will continue its road to recovery, but the pace is still what is uncertain.

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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