On December 28, the Naira appreciated against the Dollar at official and parallel markets.
According to the information by the News Agency of Nigeria (NAN) in Lagos, the Dollar was traded at nearly N191-N190 at both markets. On December 24, it was N193-N192. In accordance, the Naira got N2 to the Dollar.
At the Bureau De Change (BDCs), the Naira was sold at N191 to the Dollar on December 24. Since last week, it has been N190 for the Dollar at the black market.
At the Central Bank of Nigeria (CBN), the Naira is still stable at N168. At the same time it remains stable against the Pound Sterling. In official market it is N260. Our currency has appreciated against the Pound Sterling at the BDCs as well. It is trading now at N292.
The Euro was sold at N204.48k at the official market. At the BDCs, it exchanges at N235-N238. At the parallel markets Naira is also sold at N233 as well.
The possible devaluation of the Naira could have been caused by lowering of oil prices. Now oil prices have fallen by more than a third since the summer.
