Naira declines to N1,510, N1,466.31 at parallel, official markets

The local currency depreciated further at the official market, on Friday, closing at N1,466.31 to a dollar at the official market, according to checks by Daily Trust.

The dollar to naira exchange rate increased by N40 between Thursday and Friday having closed to N1,426 to a dollar, according to the National Autonomous Foreign Exchange Market (NAFEM), the official exchange market.

Daily Trust reports that the naira gain has been reversed in recent times after the currency firmed up against the dollar, exchanging below N1000 with businesses and the government heaving a sigh of relief.

This was after the Central Bank of Nigeria (CBN) introduced a string of reforms and interventions tailored towards stabilising the exchange rate market.

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The apex bank also supplied more dollars to the Bureau De Change (BDC) operators in a bid to boost liquidity in the market.

While the dollar exchanged at N1,466.31 at the official market yesterday, it further depreciated at the parallel market, exchanging for N1,510.

It earlier exchanged for N1,450 on Friday morning but closed the day with N1,510 at the street market popularly referred to as the black market.