The Nigerian naira has halted its significant progress at the parallel market as it weakens against other currencies.
Wads of naira notes
Following its recent recovery, the Nigerian naira yesterday weakened against the dollar as it exchanged N458/$1 on Thursday. It had on Tuesday exchanged N430/$1 following the implementation of the Central Bank of Nigeria new Forex policy.
Recall that just last week, the value of the Naira recorded the highest and fastest gain of 11.9 per cent in four days at the parallel market, in over three years.
This follows the Central Bank of Nigeria (CBN) decision to sell a total of $372.4 million to ease the pressure on the local currency.
Financial experts had predicted that the local currency will continue to appreciate if the status quo was maintained.
On its part, the CBN said the recent appreciation of the Naira against other currencies was the result of its market monitoring and intervention.