The Nigerian Naira on Tuesday, January 31,saw a slight rebound at the parallel or black segment of the Nigerian currency market, trading at N499 to the dollar in contrast to the rate of N500 it traded for the previous day.
The local currency at the black market traded 39 lower than it traded at the official interbank or Spot FX market, where the Central Bank of Nigeria, CBN, has been selling dollar to boost liquidity.
On Monday, January 30, the naira hit its all-time low against the greenback exchanging at N500 at the parallel market.
Meanwhile, on Tuesday at the interbank market, On the naira was quoted at 305.25, the level it has been trading at since last August.
Traders at the currency market said the greenback was exchanging between 495 and 499 naira at the black market.
Last week, the local currency traded for N495 to the dollar on the black market as against N485 per dollar the week before due to the shortage of dollar.
