Naira Appreciates Against Dollar

The Naira on Monday appreciated by 4.4 per cent against the dollar at the parallel market, gaining N16 from its Friday rate.

The News Agency of Nigeria (NAN) reports that the nation’s currency exchange at N345 to a dollar from N361 it traded on Friday.

However, the currency exchanged at N385 and N380 to Pounds Sterling and the Euro, respectively, at the Monday’s trading.

Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar.

Traders told NAN that the money market had started recovering from the shock of Wednesday’s increase in the pump price of petrol from N86.50 per litre to N145 per litre, which saw a “free fall” of the naira at the market.