[News] : Naira exchanges at N500/dollar at parallel market


The Naira on Thursday solidified its increases against the dollar at the parallel market, few days after the CBN declared another forex approach.

The Nigerian cash traded at N500 to a dollar in the wake of shutting at N505 on Wednesday, while the Pound Sterling and the Euro shut at N600 and N510 individually.

At the Bureau De Change window, the Naira shut at N399 to a dollar, while the Pound Sterling and the Euro exchanged at N635 and N545, separately.

Exchanging at the interbank window saw the Naira shut at N305.50 to a dollar.

Dealers at the market said that the new forex arrangement by the CBN opening up dollar deals to business banks for school charges, medicals and Personal Travel Allowances was affecting the market emphatically.

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