Dollar, Pound, Euro gain as Naira crashes at parallel market


– The Naira has suffered its first loss this week against the foreign currencies at parallel market

– However, currency traders say that in spite of the loss of the Naira, the nations’ currency had remained stable

– Meanwhile, trading at the Nigeria interbank market, saw the Naira closed at N305.80 to the Dollar

The Nigerian Naira on Tuesday, May 2, depreciated marginally against the Dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

According to the report, the Nigerian currency lost one point to exchange at N391 to the Dollar, weaker than previous N390 posted on Friday, April 28.

The local currency also dropped eight points against the Pound Sterling to close at N498 from the previous rate of N490, while it dropped five points against the Euro to close at N420 from the previous rate of N415.

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Dollar to Naira

At the Bureau de Change (BDC) window, the Naira was sold at N362 to the Dollar, while the Pound Sterling and the Euro exchanged at N490 and N417 respectively.

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However, the Naira appreciated at the Nigeria investors and exporters window, closing at N379.68 to the Dollar, stronger than N380.31, its opening rate.

Trading at the Nigeria interbank market saw the Naira closed at N305.80 to the Dollar.

However, currency traders said that in spite of the marginal loss of the Naira, the nations’ currency had remained stable.

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