BUSINESS

Naira hits N742 to $1 at I&E, N830/$1 at parallel market

ÂNigerian currency, Naira, gained N52.35 to sell at N742.93/$1 at the Investors and Exporters (I&E) as at Tuesday. The Naira had sold for N795.28/$1 at the same I&E on Monday. While the naira recorded the gain at the I &E, it depreciated at the parallel market, selling for N830/$1–up from N820/$1 on Monday.

President Bola Tinubu, upon his assuming office, had unified Nigeria’s multiple exchange rates and refloated the Naira. The development is believed to be responsible for the uncertainties around the exchange rate regime.

That as it may, the Naira gained against the Pound Sterling in the spot market by N6.69 to sell at N1,011.07/£1 compared with Monday’s N1,017.76/£1 and gained N3.91 against the Euro to end the session at N868.18/€1 versus N/872.09€1.

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