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Nigerian Naira on Monday remained firm at the parallel market as speculation, hoarding and increasing zero confidence of foreign investors raised spike in the foreign exchange rate.
The currency remained firm at N484 per dollar since its last trading on Friday at the parallel market with a N5 depreciatioon on Pound side from N590 to N595 on Monday morning while Euro still exchange for N507.
At the official market rate, the currency remained pegged at N305 per dollar.
The fall of the naira can been attributed to the recent crackdown by security agents on 'illegal' bureau de change operators in the country which has forced many of them to go into hiding.
The currency remained firm at N484 per dollar since its last trading on Friday at the parallel market with a N5 depreciatioon on Pound side from N590 to N595 on Monday morning while Euro still exchange for N507.
At the official market rate, the currency remained pegged at N305 per dollar.
The fall of the naira can been attributed to the recent crackdown by security agents on 'illegal' bureau de change operators in the country which has forced many of them to go into hiding.
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