Dollar Now N300 At Parallel Market

The Nigerian Naira on Wednesday appreciated to N300 per dollar up from N310 per dollar at the end of business on Tuesday.

The recent surge in the value of the Naira is due to government's continued stance not to devalue the currency. As a result, the demand for dollar has slowed.

A bureau de change operator at the Lagos airport, Mr. AbdulSalam Quadri, said the naira gained marginally on Wednesday, compared to what it gained on Tuesday, because forex supplies to the market were drying out gradually.
He said the local currency might not record any significant gain in the coming days.

However, other forex dealers said the naira might gain further and settle around 260 against the greenback at the parallel market.