The Nigerian Naira, on Friday, February has continued to gain traction at the parallel or black segment of the foreign exchange market.
The local currency gained massive points from previous session to trade at the rate of N460 per United States dollar at the black market.
The naira also appreciated against the Pound Sterling to trade at N575 from N600 and strengthened against the Euro to trade at N480 from N510.
The local currency on Thursday, February 23, has garnered more strength against the United Stated. The naira 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.
The Naira’s recent gaining streak at the currency market can be attributed to the Central Bank of Nigeria (CBN)’s adjustments to its forex policy.
The new policy is aimed at boosting forex supply to enable commercial banks meet the needs of customers seeking dollar, to pay school fees and medical bills overseas.
