The Nigerian Naira, on Monday, June 4, maintained its healthy run against the United States of America Dollar at the parallel segment of the Nigerian Foreign Exchange Market.
At the end of trading for Monday, the Nigerian currency exchanged at the rate of N363 against the greenback at the black market.
The local currency however, appreciated against the British Pound Sterling to exchange at the rate of N490, but recorded a slight depreciation against the European Single Currency, Euro, to trade at the rate of N423.
Meanwhile an economist, Chijioke Ekechukwu, posited that the naira will gain strength against the dollar when the Nigeria -China currency swap takes effect.
He said the exercise is expected to reduce pressure on the dollar as letters of credit and other valid payments for imports from China will be in the Chinese currency.
”Foreign currency availability will no longer delay or impede importation of goods and services, especially from China,” he said.
