Naira Appreciates Against Pound at Parallel Market

By Modupe Gbadeyanka

It was a good day for the Naira at the parallel segment of the foreign exchange market on Tuesday as it appreciated against the Pound Sterling.

The local currency had traded flat on the first day of 2018, but yesterday, it soared against the British currency.

Business Post reports that the Nigerian legal tender gained N2 against the Pound to close at N482 against the N484 to a Pound it traded on Monday.

However, the Naira stayed unchanged against both the Dollar and the Euro at the black market yesterday.

Our correspondent gathered that while the Naira was sold at N363 to a Dollar, it was exchanged at N426 to the Euro.

At the CBN window, the Naira was traded at 306 per Dollar, N414.81 to a Pound, and N369.04 to the Euro.

In addition, at the I&E FX Window, the Naira appreciated against the Dollar by 0.19 percent to close at N361.