JUST IN: Naira strengthens against Pound but fails to sustain growth against Dollar
The Nigerian Naira on Wednesday, March 1, failed to sustain growth against the American Dollar at the parallel market.
This follows report that the local currency maintained the N455 per dollar rate it closed yesterday, February 28.
Recall that the Naira had gained 40 points to trade at N460 per dollar rate from N500 on Friday, February 24, a rate it has maintained.
Dollar to Naira
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It further appreciated to N455 per dollar on Tuesday, February 28, a figure it has maintained as of this afternoon.
The Naira also stayed unchanged against the Euro as it still trades at N460.
However, the local currency strengthened against Pound as it now trades at N535 from N560.
The value of the Naira recorded the highest and fastest gain of 11.9 per cent in four days at the parallel market in over three years last week, as the Central Bank of Nigeria (CBN) sold a total of $372.4 million to ease the pressure on the local currency.
According to financial experts, the local currency will continue to appreciate if the status quo is maintained.
Meanwhile, you can check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.