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Naira rises further against dollar in black market

Author: Nonso Obiajuru

The Nigerian Naira has again gained strength at the parallel market for as it now trades at N515 per United States dollar on Wednesday, February 22.

The Naira gained one point to trade at N515 from the N516/dollar rate on Tuesday, February 20.

Meanwhile, the Central Bank of Nigeria (CBN) has said it will sell $500 million, about N200 billion, another desperate attempt to save the troubled Naira, a day after it announced a new policy in regards to foreign exchange.

Nigeria has been running short of dollars as its oil revenues have fallen along with the price of crude. That has driven the naira to a record low of 520 to the dollar on the black market earlier this week, far weaker than the official interbank rate of 305.

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