Naira Soars Further as Dollar Falls to N385, Euro to N410

By Modupe Gbadeyanka

The Nigerian currency is gradually regaining its feet again at the parallel segment of the foreign exchange market in country.

Yesterday, the Dollar slumped to N400 at the close of trading at the black market and today, it crashed further to N385.

Traders who spoke with Business Post informed us that the decision of the central bank to increase the allocation of forex to them to $40,000 per week ($20,000 twice a week on Tuesdays and Thursdays) is the main reason for this trend.

Recall that after the banking industry watchdog slashed the Dollar exchange rate to N360 at the end of last month, the Naira began to fall at the parallel market, giving Nigerians doubts about the Central Bank of Nigeria (CBN) intervention.

At the market on Thursday, the Naira gained N5 against the Pound Sterling, trading at N485 as at the time of filing this report.

Also, the Nigerian currency appreciated by N15 against the Euro to exchange at N410 instead of N425 it opened this morning.