Naira firms to N378/$ at black market

by | May 17, 2017 4:04 pm

The Nigeria’s currency on Wednesday firmed strongly against the U S dollar as it traded at the rate of N378 per dollar at the parallel market following increased supply by the Central Bank of Nigeria (CBN).


BusinessDay’s investigation across markets showed that dollar was quoted at N378 at the Lagos International Airport, while it traded at N380 at Apapa and Festac area of Lagos State.


Some traders in possession of dollars were seen looking for buyers as low demand grips the market. “Some us have $300, $1,000, no buyers. If you have naira bring it I will sell dollar to you,” one trader told BusinessDay.


At the investors and exporters window, naira gained by 0.14 percent to close at N382.6k per dollar on Wednesday as against N383.17k the previous day. The local currency traded stable at the inter-bank spot foreign exchange, closing at N305.45k, data from FMDQ revealed.