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Published On: Tue, Jun 5th, 2018

Naira drops by 50k at parallel market

Barely eight hours after the Central Bank of Nigeria (CBN) reviewed the exchange rate of the Naira against the Dollar at the parallel market, it lost 50 kobo.

Naira drops by 50k at parallel market

The Nigerian currency was sold at N360.5 to the dollar at the parallel market in Lagos on Tuesday, the News Agency of Nigeria (NAN) reports.

While the Naira was exchanged at N360.5, the Pound Sterling and the Euro closed at N490 and N425, respectively.

At the Bureau De Change Window (BDC), the Naira was sold at N360 to the dollar while the Pound Sterling and the Euro closed at N490 and N425, respectively.

The naira exchanged at N360.78 to the dollar at the investors’ window, while it closed at N306 at the CBN window.

Currency traders expressed shock as the exchange rate flattened to N360 to the dollar on Monday.

NAN reports that many BDCs had boycotted the CBN window when they were selling at a loss for many months prior to the rate review on Monday. (NAN)

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