- The Naira has gained strength against the American Dollar and Pound at parallel market
- The local currency however crashed against Euro
- The Nigerian currency trades at N365, N468 and N412 against the Dollar, Pound Sterling and Euro respectively.
The Naira on Wednesday, July 5, gained N1 against the American Dollar, at the parallel market.
According to NAIJ.com findings, the local currency has gained one points against the green back as it now trades at N365/$1 as against the previous rate of N366/$1 it closed on Tuesday, July 4.
However, the Nigerian currency closed the day at N468 and N412 against the Pound Sterling and Euro respectively.
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The Naira strong performance at the parallel market can be attributed to recent activities of the CBN.
The CBN has been intervening on the unofficial market in the last few months in an attempt to narrow the spread between rates on the official market and black market.
Nigeria has at least six different exchange rates including a retail rate set by licensed exchange bureaus, the official and black market rates and a window for investors where the Naira can be traded at rates set freely between buyers and sellers.
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However, the country has been battling a currency crisis brought on by low oil prices, which has tipped her economy into recession and created chronic dollar shortages.
Do you think N1 can ever become $1 again at Forex Market? Watch Nigerians respond to this question.