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Naira gains strength at parallel market

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Naira gains against dollar, closes at N358/$ at parallel market

The naira on Wednesday firmed against the dollar at the parallel market.

Naira gains strength at parallel marketThe naira gained N1 on Wednesday afternoon as it traded for N225 against the dollar.

It had previously traded for N226 against the dollar.

In the same vein the naira also appreciated in value at the official interbank rate as it gained N0.02 to trade at N196.98 as against its previous value of N197.

Traders at the parallel market expressed the belief that the naira might experience further appreciation as the price of oil at the international market went up recently.

The News Agency of Nigeria reports that the price of oil has risen to 50.15 dollars at the international market. (NAN)

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