Naira drops further as pressure for Dollar mounts

November 19, 2020
121 Views

Naira depreciated further against the United States dollar at the black market, exchanging at N478 as the momentum of increasing demand from traders and manufacturers for the greenback heaped pressure on the local currency.

It traded at N475 at the previous session, data from abokiFX, which collated data from street traders, showed and the decline meant naira lost 0.63% in value at the end of trade.

On Monday, it shed N5 on Monday when it closed at N470, meaning the naira has not gained any ground against the dollar so far this week.

The Nigerian currency is seeing a free fall on the parallel market as the recent release of $1 billion by the central bank to Bureaux de Change remains profoundly inadequate in meeting traders’ needs.

Meanwhile, naira slipped by 0.31% at the over-the-counter spot market also known as the Investors and Exporters forex window.

It closed at N386 a dollar on this side of the currency market relative to the N384.80 rate of exchange reported the session before, according to data from the FMDQ Group.

The Nigerian currency touched an intraday high of N386 against the dollar and hit a low of N392.81 before ending trade at N386.

Turnover dropped steeply by 44.13%, moving from $58.85 million to $32.88 million.

You may be interested

Friendly: Mali Record First Win Against Super Eagles In 49 Years
News
1 views
News
1 views

Friendly: Mali Record First Win Against Super Eagles In 49 Years

Webby - March 26, 2024

The Eagles of Mali defeated Nigeria’s Super Eagles 2-0 in a friendly game in Marrakech, Morocco on Tuesday night.Goals in…

NCC insist on disconnection SIMs SIMs without proper NIN linkage
Business
7 views
Business
7 views

NCC insist on disconnection SIMs SIMs without proper NIN linkage

Webby - March 26, 2024

Nigerian Communications Commission, NCC, has mandated telecommunications operators in the country to disconnect all phone lines of subscribers who have…

Former CFA president sentenced to life imprisonment
News
3 views
News
3 views

Former CFA president sentenced to life imprisonment

Webby - March 26, 2024

A former president of the Chinese Football Association (CFA), Chen Xuyuan has been sentenced to life in prison for bribery,…

Leave a Comment

Your email address will not be published.