Naira Stays Flat at N485/$ At Parallel Market

The Naira, on Wednesday, December 14, remained stable at N485 to the U.S dollar at the black or parallel market.
Meanwhile, the local currency slumped to N605 to the British Pound Sterling and exchanged at N515 to the Euro.
The Nigerian currency has remained flat at the major segments of the foreign exchange market as  scarcity of foreign currencies persist.

The Naira,  had on on Tuesday, December 13, slipped to a record low of 485/$1 at the parallel segment of the foreign exchange, forex market.

The local currency has continued to fluctuate in the foreign exchange market ever since operatives of the DSS and the EFCC raided the market to clear out illegal currency trader.

Also, after the raid, the Central Bank of Nigeria threw its weight behind efforts of operatives of the DSS to checkmate activities of illegal currency dealers, thus causing tension in the market.

 

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