Naira Hits N500/dollar

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The Naira on Thursday consolidated its gains against the dollar at the parallel market, few days after the CBN announced a new forex policy.


The Nigerian currency exchanged at N500 to a dollar after closing at N505 on Wednesday, while the Pound Sterling and the Euro closed at N600 and N510 respectively.

At the Bureau De Change window, the Naira closed at N399 to a dollar, while the Pound Sterling and the Euro traded at N635 and N545, respectively.

Trading at the interbank window saw the Naira closed at N305.50 to a dollar.

Traders at the market said that the new forex policy by the CBN opening up dollar sales to commercial banks for school fees, medicals and Personal Travel Allowances was impacting the market positively.