Naira stable at N485/$ at parallel market, closes flat N315 at FX

The naira has remained static at the parallel or black market, on Wednesday, December 7, exchanging at N485 to a U.S dollar. Also, the Nigerian currency exchanged at N600 to the British Pound Sterling and traded for N510 against the Euro at the parallel market.

Meanwhile, the local currency also stayed the same at the interbank segment of the foreign exchange market, exchanging N305.50 to a dollar. At the Bureau De Change window, the Naira closed at N399 to a dollar, which is the Central Bank of Nigeria, CBN controlled rate.

The Naira exchanged at N606 to the British Pound Sterling and N512 to the Euro exchanged at the Bureau de Change, BDC segment of the forex market.

At the interbank market, the naira traded for N315 to the US dollar while the pound went for N401.

According to traders at the market, shortage of the green back has continued to take its toll on the performance of the Naira.