Markets
Naira appreciates marginally at black market, exchanges $/N485
Naira gained marginally against the Dollar at the parallel market on Thursday as the country continues to grapple with the foreign exchange liquidity squeeze.
A Dollar was sold for N485 at the parallel market compared with N486 it traded on Wednesday.
At the Investors’ and Exporters’ forex window, the local currency was stable at $/N410.
It also traded flat at $/N379 at the official segment of the forex market.
The 27% rise in the oil price to $61.62 per barrel this year has not had a significant impact on the value of the Naira as the country’s production output dipped from 2.2 million barrel per day to around 1.5 million barrel per day in February.
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