Naira fails to rise against dollar on parallel market, closes N455/$1

The Nigerian Naira on Wednesday, March 1, experience a little hitch in its improvement against dollar on the parallel market

This follows report that the local currency maintained the N455 per dollar rate it closed yesterday, February 28.

Recall that the Naira had gained 40 points to trade at N460 per dollar rate from N500 on Friday, February 24, a rate it has maintained.

It further appreciated to N455 per dollar on Tuesday, February 28, a figure it has maintained as of this afternoon.

The Naira also stayed unchanged against the Pound Sterling and Euro as it trades at N560 and N460 respectively.

The value of the Naira recorded the highest and fastest gain of 11.9 per cent in four days at the parallel market in over three years last week, as the Central Bank of Nigeria (CBN) sold a total of $372.4 million to ease the pressure on the local currency.

According to financial experts, the local currency will continue to appreciate if the status quo is maintained.