The exchange at the start of the week was N385.33.
On Thursday, investors were shocked to receive a Naira depreciation at the I&E window with July futures closing at N394/$1.
Nigeria’s 5 years onshore Non-Deliverable forward contract posted its biggest drop by plunging 27% from N413.36 to close at N569.69.
The naira was trading at 387.35 to the dollar yesterday at the currency spot market mainly used by foreign investors and exporters
More currency flexibility would help to protect dwindling external reserves and avert economic distortions, leaving them to only intervene when there are huge fluctuations.
Naira depreciated against both the US dollars and the British pounds at the parallel market
Nigeria’s currency is seen falling on the black market in the coming week, after touching its lowest levels against the American dollar.,
The Nigerian cinema industry has experienced a gradual dip in revenue since the onset of the Coronavirus in January 2020.
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