The 12-month naira forwards increased to N454.50 per dollar on Wednesday, from a high of N522.56 on April 20.
The reopening of the economy is expected to put additional pressure on the naira as more businesses try to meet up with accumulated obligations.
U.S dollar dropped on Monday morning as global investors and currency traders got more optimistic about the global economic recovery
The Index that tracks the American dollar against a bouquet of other major currencies (like the Japanese yen, British pound sterling, Swedish Krona, Euro), closed 0.10%...
CBN has been rationing forex to protect the naira amid the fall in crude oil prices and deadly COVID-19 that has reduced the country's foreign earnings.
The continuous rally of the local currency against the dollar can be attributed to the improved liquidity in the foreign exchange market due to the intervention...
Naira has depreciated against the US dollar, as it dropped from N455/$1 to N460/$1 on Thursday afternoon.
Rates in the parallel market will remain under pressure and we might see it above the N460 /$ levels it is currently trading at.
The U.S dollar index that tracks the American dollar against a basket of other major currencies was down 0.67% to 99.22 by 12 noon Nigerian time on...
It should be noted that Nigeria’s external reserves went on a downward slide last year, having lost $11.75 billion within a space of 10 months.