Naira Weakens To N458 Per Dollar At Parallel Market
According to reports, the local currency
has crashed to N458 per dollar as against
the N455 it closed yesterday, March 1.
The Naira also weakened to N540 against
the Pound from the previous rate of
N535 and to N475 against the Euro as
against the previous rate of N460.
Recall that just last week, the value of
the Naira recorded the highest and
fastest gain of 11.9 per cent in four days
at the parallel market, in over three
years.
This follows the Central Bank of Nigeria
(CBN) decision to sell a total of $372.4
million to ease the pressure on the local
currency.
Financial experts had predicted that the
local currency will continue to appreciate
if the status quo was maintained.
On its part, the CBN said the recent
appreciation of the Naira against other
currencies was the result of its market
monitoring and intervention.
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