The Naira, on Wednesday, November 9, strengthened against the U.S dollar at the parallel market following the low demand of the greenback at the market.
The local currency scooped N5 in Lagos to exchange at N460 to a dollar from N465 recorded on Tuesday. Also, the Pound Sterling and Euro closed at N560 and N500 respectively, the News Agency of Nigeria, NAN reports.
Meanwhile, the naira weakened against the dollar at the official interbank market, dropping N2.49 to close at N307.26 against N305.27 recorded on Tuesday.
At the Bureau De Change, BDC, window, the dollar was sold at N385, which is the Central Bank of Nigeria, CBN controlled rate. Also, the Pound Sterling and Euro traded at N560 and N503 respectively.
Traders, speaking about the development in the black market said that the demand for the green back was low due to the political situation in the U.S.
