Naira Gains Against Dollar to N473 on Black Market

The Naira gained slightly on the parallel market, popularly known as the black market, on Monday to exchange at N473 per US dollar.

The local currency traded at N475 to a US dollar on Friday before gaining N2 to N473 on Monday.

This is coming on the back of dollar scarcity caused by falling foreign reserves and low oil prices.

Against the British Pound the local currency declined by N5 from N585 it traded on Friday to N590 on Monday.

This continues against the Euro single currency as the Naira depreciated by N2 to N542, down from N540 it traded on Friday.

On the Importers & Exporters Forex window, the Nigerian Naira exchanged at N389.25 against the United States dollar, slightly below the N388.33 it opened on Monday.

Investors traded $18.83 million during the trading hours of Monday on the I&E FX window.

The Central Bank of Nigeria’s exchange rate remains N381 to a United States dollar.

The apex bank had adjusted the local currency foreign exchange rate twice in the last few months to ease the pressure on the nation’s dwindling foreign reserves.

Still, the inability of the apex bank to improve the supply of the US dollar into the economy continues to weigh on the Naira value and general economic activities.