Naira appreciates against dollar

The Naira on Monday appreciated by 4.4 per cent
against the dollar at the parallel market, gaining
N16 from its Friday rate.
The nation’s currency exchange at N345 to a dollar
from N361 it traded on Friday.
However, the currency exchanged at N385 and N380
to Pounds Sterling and the Euro, respectively, at
the Monday’s trading.
Meanwhile, the official Central Bank of Nigeria
(CBN) rate remained at N197 to the dollar.
Traders told NAN that the money market had started
recovering from the shock of Wednesday’s increase
in the pump price of petrol from N86.50 per litre to
N145 per litre, which saw a ``free fall’’ of the naira
at the market