Politics

Naira strengthens to N490 per dollar at parallel market

Monday, January 09, 2017 at 4:29 PM by Nomso Obiajuru 1 min read

The Nigerian Naira on Monday, January 9, strengthened against the American Dollar at the parallel market.

According to reports, the Naira has gained three points over the dollar as it now trades at N490/$1, as against N493/$1 it traded on Friday, January 6.

READ ALSO: Naira crashes to N493/$1 at parallel market

However, the local currency crashed against the Pound Sterling, dropping ten points to trade at N600/£1 as against the N590/£1 rate it was on Friday.

The Naira also crashed to 506 per Euro as against the N500 rate it was last week.

Economic experts have however predicted that the naira will strengthen further in the near term as Bureau De Change operators expect dollar supplies from international money transfer agents to boost liquidity.

Meanwhile, you can check out Legit.ng BDC market here.

Source: Legit.ng

Authors:

Nomso Obiajuru (Sports Team Lead) Nomso Obiajuru has 10 years of working experience in sports journalism and is currently the Team Lead of Sports editorial offices at Legit. He has met and interviewed some of the most influential sports personalities in the world while working at Legit.ng, Sports Brief and HipTV. Nomso obtained a degree in Mass Communication from the University of Lagos in 2012. Email: nomso.obiajuru@corp.legit.ng

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