Naira records gain, now N485/dollar.

   

   The naira has recorded a major gain against the United States dollar at the parallel market as Christmas celebration weighs on the demand for the greenback across the foreign exchange markets.

   The naira closed at 485/dollar on Friday evening, up from 495/dollar recorded earlier in the day.

  The naira has been under severe and continuous pressure as the scarcity of the US currency continues to create ripples in the financial markets and economy.

  Economic and financial experts said unless the lingering dollar supply problem is abated, the volatility in the exchange rate and the consequent economic challenges might continue.

  Meanwhile, the currencies of Uganda, Kenya and Zambia are seen trading sideways in the week to Thursday as most investors closed positions ahead of the end of the year.