Politics

Nigeria: Naira Slips At Official Market


The currency has remained considerably stable at the black market across states in Nigeria.

Naira fell marginally against the U.S. dollar at the official market on Thursday after it recorded a slight gain at the spot market on Friday.

Data posted by the Central Bank of Nigeria, showed that the local currency closed at N415:45 to a dollar on Thursday. This represents N0.15 or 0.04 per cent depreciation from N415.30 per $1 dollar it exchanged in the previous session on Wednesday.

The currency hovered within an intraday range of N414.45 and N414.95 before closing at N415.45 at the close of business on Thursday.

However, the currency has remained considerably stable at the black market across states in Nigeria.

Currency dealers at Abuja black market said the naira exchanged hands with the greenback currency at N567.00 per $1 on Thursday and was sold at N569.00.

Also, dealers in Uyo said the naira was exchanged with the dollar at N567.00 and was sold at N570.00 to a dollar on Thursday. The same rate it has been trading since the opening of business this week.



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