Friday, December 9, 2016

Naira Settles At 485 Per Dollar At Parallel Market

Nigerian naira on Friday settled at 485 to the United States dollar at the parallel market as forex scarcity persist.

The currency also closed 602 to a pound and 515 to the Euro at the black market side.

The fall of the naira can been attributed to the recent crackdown by security agents on 'illegal' bureau de change operators in the country which has forced many of them to go into hiding.

However, experts says the naira is expected to begin appreciating against the united states dollar from next week as Nigerians abroad are expected to send funds home for the yuletide season.

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