Naira remains stable at N506/$, drops point against Pounds Sterling

The Nigerian Naira on Tuesday, February 14, remained low against the U.S dollar at the parallel or black segment of the Nigerian foreign exchange market, trading at the rate of N506.

Meanwhile, the local currency dropped one point against the British Pound Sterling at the parallel market trading at N618 from the N617 it traded on Friday, February 10. Against the Euro, the naira trade at N530 from the N531rate of last week.

At the official interbank or Spot FX market, the Nigerian currency remained at 305.25/dollar, same rate it has been trading since last August.

The naira, on Friday, February 10, tumbled to a record low at the parallel or black segment of the Nigerian foreign exchange market, trading for N506 to the U.S dollar.

The market has remained volatile since the beginning of 2017, exchanging in the range of N490 to N500 as the demand for dollar continues to surge.