The Nigerian Naira closed the year 2016 at 490 against the United States Dollar at the parallel or black segment of the Nigerian foreign exchange market.
The local currency has been under intense pressure as a result of the scarcity of the greenback. As a result market experts had predicted the naira would hit 500/dollar on or before the New Year.
However, the Naira beat the forecast and settled at N490 to the dollar at the parallel market as the currency market closed for the year on Friday, December 30.
The naira also traded on the street in the cities of Lagos and Abuja at 490/dollar on Saturday, December 31st the same rate it closed on Friday.
In the same week, the naira closed at 490 to the dollar, on Thursday, the same rate at which it closed on Wednesday.
It had dropped from 485 to 490 on Wednesday to close trading.The local currency fell to 495/dollar the previous week.
