Naira strengthens against dollar, now N337

The naira has gained N3 more naira against the United States dollar in the black market early today, trading at about N337/$1 today, May 24, as against the N340/$1 it traded on Monday, 23rd.

Recall that Nigerian currency had started another series of decline against the dollar last week after the Federal Government announced the deregulation of the petroleum sector, trading for as high as N367$1. It however made a remarkable recovery in the early hours of Tuesday, May 17th, trading at N348/$1 across major parts in the country before adding more, closing the week at N340/$1.

Yesterday, the naira retained the N340/$1 it closed with last week, but it climbed up again today, according to investigations, maintaining N337/$1 in the early hours of today.