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Nigeria naira gains second day on parallel market

Published February 23, 2016 Updated February 23, 2016 12:48pm
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By Imad Uddin
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imageLAGOS: Nigeria's naira firmed on the parallel market against the US dollar for the second day on Tuesday after President Muhammadu Buhari rejected a devaluation of the currency which has been hit hard by a fall in oil prices, traders said.

The naira firmed 3 percent to 364 naira from Monday's quote of 375 against the greenback on the unofficial market. The official rate as unchanged at 197.

"Many people are now aligning with the government's position of no devaluation," one dealer said.

On Saturday, Buhari rejected the idea of devaluing the west African nation's currency.

Copyright Reuters, 2016

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