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Naira Loses Early Gains to Close Flat at Black Market

By Dipo Olowookere

The Naira traded flat against the three major foreign currencies at the parallel segment of the foreign exchange market on Tuesday.

This was after the local currency lost grip of its early gains against the Dollar at the black market today.

Business Post reports that the Naira had opened the day’s trading with N3 appreciation against the American currency, trading at N360 per Dollar, but lost it in the afternoon to close at N363 to the Dollar in the evening.

Our correspondent reports further that local currency was exchanged at the same rates it was sold yesterday against the Euro and Pound Sterling.

Specifically, the Naira was sold for N472 to the Pound, while it was traded at N420 to the Euro at the parallel market.

This came a day after the Central Bank of Nigeria (CBN) released a total of $195 million into the forex market.

A breakdown showed that the sum of $100 million was released to the Wholesale segment, while the Small and Medium Enterprises (SMEs) segment got $50 million, and $45 million was allotted to the invisibles segment comprising tuition, medical payments and Basic Travel Allowance (BTA).

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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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