JUST IN: Pound crashes as Naira stays firm against Dollar at black market

JUST IN: Pound crashes as Naira stays firm against Dollar at black market

- The Naira has appreciated against Pound but stayed unchanged against Dollar and Euro at parallel market

- Traders at the market are hopeful that the Naira would bounce back as the CBN sustained liquidity boost at the BDC sub-sector

- Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange Bureau De Change, and a rate for foreign school fees

The Nigerian Naira on Friday, April 28 stayed firm against the American Dollar at the parallel market,. otherwise known as the black market.

According to report, the Nigerian currency closed at N390 to the Dollar and N415 against Euro as it was yesterday. However, the local currency appreciated against the Pound Sterling as it closed at N485, ten points better than the N495 rate previously.

However, traders at the market are hopeful that the Naira would bounce back as the CBN sustained liquidity boost at the BDC sub-sector.

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Dollar to Naira

Dollar to Naira

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Earlier, NAIJ.com had reported that the central bank said it would allow investors to trade the Naira at rates determined by the market - a move intended to improve the supply of Dollars, but one that introduced yet another exchange rate.

NAIJ.com can report that Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange Bureau De Change and a rate for foreign school fees.

Nigeria is battling a currency crisis brought on by low oil prices, which has tipped its economy into recession and created chronic dollar shortages. It wants to attract foreign investors and at same time maintain a strong Naira to ward off inflation.

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Source: Naija.ng

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