Black market pushes exchange rate to N510/dollar

Road currency traders started the new week offering U.S dollars to their clients at N510 to a U.S dollar, check by Ripples Nigeria have shown.

Last Friday, the Naira lost N2 in esteem against the US dollar, selling for N510/$1 versus N508/$1 on Thursday.

Denoting the finish of five successive long stretches of gains against the U.S dollar at the bootleg market.

Nonetheless, the Nigerian currency recorded an alternate result at a similar unregulated fragment of the market against the Pound Sterling and the Euro as it shut and began the new week at N705/£1 and N598/€1 individually same rate it finished Thursday exchange.

At the authority market, information posted on the FMDQ Security Exchange showed that the naira shut at N411.50 per $1 on Friday.

This suggests a N0.25 or 0.10 percent cheapening from the N411.25 rate it traded hands with the hard currency in the past meeting on Thursday.

This means the distinction between the two business sectors stays above N90