The Naira closed the year 2016 at N490 to the Dollar,
from the N495 against the greenback last Friday at the
parallel market.
This is after currency experts and financial analysts had
predicted that the local currency may succumb to the
500/dollar as the New Year approaches – due to the
intense pressure on the naira
However, the naira was sold on the streets of Lagos
and Abuja at 490/dollar on Saturday, the same rate it
closed on Friday, December 30, 2016.
The local currency was expected to witness another
round of decline against the dollar in the days
preceding the New Year as an increase in dollar flow
from Nigerians living abroad coming home for holidays
fell short of expectations.
On Thursday, the naira closed at 490 to the dollar, the
same level it closed on Wednesday.
The naira had fallen against the greenback from 485 to
490 on Wednesday, reversing part of the gain it
recorded the previous week.
The local currency fell to 495/dollar the previous week.
The naira has, however, consistently closed around
305.5 a dollar level since August via the official
window.
