How The Naira Fared Against The Dollar On New Year’s Eve

share on:
Naira, Dollar, Parallel Market

The Naira closed the year 2016 at N490 to the Dollar, from the N495 against the greenback last Friday at the parallel market.

This is after currency experts and financial analysts had predicted that the local currency may succumb to the 500/dollar as the New Year approaches – due to the intense pressure on the naira

However, the naira was sold on the streets of Lagos and Abuja at 490/dollar on Saturday, the same rate it closed on Friday, December 30, 2016.

Nigeria’s Naira, 3 Others Rated Worst Currencies In The World In 2016

The local currency was expected to witness another round of decline against the dollar in the days preceding the New Year as an increase in dollar flow from Nigerians living abroad coming home for holidays fell short of expectations.

Naira Crashes To A New Record Low Against Dollar As CBN Prepares To Eliminate Parallel Market

On Thursday, the naira closed at 490 to the dollar, the same level it closed on Wednesday.

The naira had fallen against the greenback from 485 to 490 on Wednesday, reversing part of the gain it recorded the previous week.

The local currency fell to 495/dollar the previous week.

Naira Trades At 494/$ On Christmas Day, From 268/$ On December 25, 2015

The naira has, however, consistently closed around 305.5 a dollar level since August via the official window.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism.

If you ever find my article unduly insipid, sue me and i’ll refund you…

Leave a Reply