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Naira Performs Well Against Euro, Pound at Black Market

By Dipo Olowookere

It was a good day for the Nigerian currency on Tuesday after performing well at the black market segment of the foreign exchange (forex) market.

The Naira appreciated against both the Pound Sterling and the Euro, while it remained unchanged against the Dollar.

The local currency, which was exchanged at N505 to the Pound on Monday, closed on Tuesday at the rate of N502.

Also, the Naira, which was traded at the parallel market on Monday at N442 per Euro, was sold on Tuesday at N440.

However, the Nigerian currency, which went for N363 per Dollar at the black market on Monday, remained unchanged yesterday.

Meanwhile, the Naira closed on Tuesday at N359.70 per Dollar at the Investors’ & Exporters’ FX Window against N360.10 on Monday.

But at the Central Bank of Nigeria (CBN) official rate, the Naira was exchanged at the rate of N305.90 to a 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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