Naira Reverses Gain, Closes At N363 To A Dollar

   The naira closed at N365 per United States dollar at the parallel market on Sunday, reversing the gain it recorded in the past week.

   The local unit had closed last week at N363 to a dollar. The naira, which initially traded at N365 to adollar, recorded slight after the Central Bank of Nigeria sold $462million dollars to players in the foreign exchange market last Monday.

  A breakdown showed that the Retail Secondary Market Intervention Sales received the largest allocation of $267.3million dollars, while the sum of $100million dollars was offered for wholesale interventions, while the sum of $50million dollars was allocated to the Small and Medium Enterprises forex window.

  Those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got a total allocation of $45million dollars.