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JUST IN: Naira strengthens, continues recovery against Dollar

- The Naira has appreciated to N380 per Dollar from previous rate of N385 at parallel market

- The local currency however dropped five points against the Pound Sterling to close the day at N490 from the previous rate of N485

- But the Naira maintained the N420 rate against the Euro

The Nigerian Naira has continued its resurgence as it strengthened against the American Dollar at the parallel market.

According to reports, the Naira has appreciated to N380 per Dollar from the previous rate of N385/$1.

However, the local currency crashed to N490 against the Pound Sterling from the previous rate of N485, but maintained same rate of N420 against the Euro.

The new development follows the decision of the Central Bank of Nigeria to pump in more Dollars to the market.

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Dollar to Naira

Dollar to Naira

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NAIJ.com had earlier reported that the CBN injected $457.3m into various segments of the forex market.

The Naira also closed at 305.60 to the dollar on the interbank market.

According to financial and currency experts, the Naira’s outlook remains stable in the near term as the regulator steps up efforts to improve dollar liquidity and achieve exchange rate convergence.

Meanwhile, Nigerians were asked if they think Buhari should hand over to Vice President Yemi Osinbajo due to his health challenges. Watch their reaction in the NAIJ.com video below

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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design &development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

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