Naira remains at N345/$1 at black market

By Odunewu Segun

The naira has remained at N345 to a dollar today at the parallel market despite speculations that the local currency might picked up few points following the Central Bank of Nigeria decision to promote flexibility in the exchange rates this week.

National Daily gathered from Bureau De Change operators that the naira still remained irrelevant with the present rate.” The naira still trades for N345 to a dollar in the black market. The rate has been very inconsistent in recent times and many operators don’t have the dollar to sell because there is high demand for it” one of the operators told National Daily.

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The naira had started on a disappointing note trading at N365/$1, it however made a remarkable comeback in the hours of Tuesday, May 17, trading at N348/$1. At the start of the new week on Monday 23, the naira retained its strength to close the day at N340/$ strengthened further against the greenback on Tuesday, May 25, before crashing on Wednesday, May 26 to n342/$1 and on Thursday to n345/$1.

The CBN had on Tuesday said it is going to give details of the new flexible exchange rate policy that will allow the exchange rate to be determined by supply and demand.