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

Forum 7 years ago

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

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.

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.

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.

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