Naira Declines Further Against the US Dollar on Black Market

Bureau De Change OperatorBureau De Change Operator

Naira Falls Against the United States Dollar on Parallel Market

The Nigerian Naira declined further against the United States dollar on Friday on the parallel market, known as the black market.

The local currency lost N3 to trade at N460 to a US dollar. This was lower than the N455 it was exchanged on Wednesday and N457 it traded on Thursday.

Accordingly, the Naira slid against the British Pound by N3 from N557 it traded on Thursday to N560 on Friday.

This decline continues against the European single currency as the local currency lost N4 from the N498 it was exchanged on Thursday to N502 on Friday.

On the Investors and Exporters Forex Window, the Naira improved slightly by 0.24 percent from N387.27 it traded on Thursday to N386.33 against the US dollar.

Activity level also improved by more than 100 percent from $14.68 million traded on Thursday to $35.92 million on Friday.

The local currency remains under pressure with weak revenue generation and slowing economic activities.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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