Naira gains ground against dollar at parallel market

The Nigerian Naira on Thursday, July 20, gained more ground against the United States of America Dollar at the parallel segment of the Nigerian Foreign Exchange Market.

The Nigerian currency, which had for some couple of days traded steady at the rate of N367 against the greenback at the black market, broke free to climb to the rate of N366 per Dollar.

Against the British Pound Sterling, the Naira also gained more momentum to trade at N470, against the rate of N473, which it traded for on Wednesday, July 19.

Meanwhile, the Naira traded unchanged against the European Single Currency, Euro, exchanging at the rate of N420, same as the previous day.

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Against the British Pound Sterling, the Naira exchanged at the rate of N473, same as it traded on Tuesday, July 18 and exchanged at the rate of N420 against European Single Currency, Euro.

The improvement in the performance of the naira seen at the forex market has been largely driven by the intervention of the Central Bank of Nigeria, CBN.

Also, the apex bank revealed that it has sold a total of $2.64bn to authorised dealers in May. The amount indicated 70.8 per cent and 106.1 per cent surge above the levels in the preceding month and the corresponding period of 2016 respectively, the CBN’s Economic report for May revealed.

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