Naira Loses Steam At Parallel Market

The naira lost steam at the parallel market on Monday, sliding to 555 per dollar.

The local currency had crashed to 540/dollar on Friday, after trading at 535/dollar on Thursday.

After tumbling to 575/dollar recently, the local currency began a gradual uptick in recent weeks peaking at 530/dollar last week.

Operators in the parallel market, who spoke to Punch’s correspondent on Monday, said the local currency was bought and sold at 550/dollar and 555/dollar respectively.

An operator in the black market attributed the fall to an increase in demand for the greenback.

At the Central Bank of Nigeria’s Investor & Exporter Window, the naira fell by 0.16 per cent to close at 415.07/dollar after reaching a new high of N445.75.

The CBN however maintained 411.63/dollar as the official rate on its website.

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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