Naira now exchanging at N1,500/$ in parallel market

The Naira on Monday, January 29, was exchanged at N1506/$ from the N1,410 it sold for the previous day in parallel markets. 

At the official market, the Naira exchanged at N1,349 from the N891.90/$ it traded the previous day. The window also saw an intra-high of N1,410.

This was recorded amid the release of $500 million by the Central Bank of Nigeria (CBN) to various sectors to address the backlog of verified foreign exchange (forex) transactions.