Connect with us

Markets

Naira appreciates marginally at black market, exchanges $/N485

Joseph Oyekanmi

Published

on

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *