After igniting anxiety in the Nigerian foreign Exchange Market following its intense crashing streak, the Naira on Thursday, February 23, has garnered more strength against the United Stated.
The local currency at the parallel or black segment of the forex market soared to exchange at the rate of N470 to the greenback.
The naira which started the day trading at N500 early morning fimed to about N470 by the afternoon as people storm to the currency market to sell off foreign currency.
The Nigerian currency had on Wednesday, February 22, firmed up against the U.S Dollar at the parallel or black segment of the foreign exchange market trading at N515 per United States dollar gaining one point from the N516/dollar rate on Tuesday, February 20, before hitting N500 in the early hours of trade on Thursday.
It traded at the same rate against the British Pound Sterling at N640 and at the rate of N540 against the Euro on Wednesday.
Meanwhile, the Central bank of Nigeria, CBN, had on Monday, changed its rules in the supply of the forex where it guaranteed both the small and big users of the foreign exchange that they are going to supply the market with sufficient liquidity.
