Naira Collapses to N463/$ At Parallel Market

Naira Collapses to N463/$ At Parallel Market

- in BUSINESS & ECONOMY, COVER, NEWSLETTER
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The Nigerian Naira on Friday, March 10, slumped against the American Dollar by one point at the black or parallel segment of the Nigerian Foreign Exchange Market to trade at the rate of N463.

Also, the local currency weakened to N555 against the British Pound Sterling from the previous rate of N550 and weakened to N480 per Euro as against the previous rate of N477.

The Naira had on Thursday, March 9, appreciated against the dollar at the parallel market to trade at the rate of N462..

The Nigerian currency gained three points to exchange at N462 to a dollar, after it closed at N465 on Wednesday, while the Pound Sterling and the Euro closed at N550 and N477, respectively.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar CBN controlled rate, while the Pound Sterling and the Euro closed at N550 and N500, respectively, on Thursday.

 

 

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