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Naira reverses gain, drops to 490/dollar
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Naira reverses gain, drops to 490/dollar

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The naira fell against the United States dollar from 485 to 490 at the parallel market on Wednesday, reversing part of the gain it had recorded against the greenback last week.

The local currency, which had fallen to 495/dollar last Thursday, recorded some gains and closed at 485/dollar on Friday.

Since Friday when the Christmas holiday was announced, the naira closed at 485/dollar at the parallel market.

On Tuesday, three days to the end of the year, the naira traded flat and was sold for 485 per dollar on the streets of Lagos and Abuja,

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