Naira Gains Ground at Parallel Market Against Dollar

Naira Gains Ground at Parallel Market Against Dollar

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At the parallel market this week, the naira gained N30 from the previous peak of ₦500/$1. The exchange rate between the naira and the US dollar closed at ₦470/US$1 in the parallel market on Monday. The rate also closed at ₦470/US$1 on Wednesday and Tuesday.

Read Also: Naira Declines in Parallel Market

For the British Pound sterling, the exchange rate with the naira closed at ₦615/₤1. It also closed at the same rate on Wednesday and Tuesday.

On the other hand, the exchange rate between the naira and the European euro closed at ₦565/€1 on Wednesday December 23rd 2020. The rate had also closed at ₦565/€1 on Tuesday, December 22nd 2020.

It is not uncommon to see the naira rev of gains during festive periods because of remittances from Nigerians in diaspora to their friends and family members. The rise in the dollar is also blamed for the hike in the prices of goods most time in the country.

Nelson O.

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