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EXCHANGE RATE
The naira was weakened on the first working day of the week as it depreciated to N387.33 to a dollar at the Investors and Exporters (I&E)
American dollar ended the week cumulatively lower as the possibilities of the second wave of COVID-19 pandemic limited its upside.
According to the latest data obtained from the Central Bank of Nigeria (CBN), Nigeria’s foreign exchange reserves now stand at $36.57 billion.
Nigeria's foreign exchange reserves now stand at $36.57 billion, having increased sharply from $33.42 billion as of April 29, 2020.
Nigerians hoping for transactions via the U.S dollar to countries like France would have the need to pay fewer dollars to fulfill such transactions.
Naira improved against the dollar by N1.35, closing at N386.33 to a dollar, as against the indicative rate of N387.68 to a dollar that it opened with.
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 of the Central Bank of Nigeria (CBN), as well as the decline in the activities of currency speculators.
Naira appreciated to N453 to a dollar on Thursday, May 28, 2020, which represents a N2 gain when compared to the N455 to a dollar that it exchanged at the end of Wednesday trading.
Naira appreciated to N455 to a dollar on Wednesday, the first working day of the week after the 2-day sallah break.
Naira weakened by N0.33 against the dollar when compared to the N386 to a dollar that it traded on last week Friday.
The local currency strengthened by N0.58 against the dollar, compared to the N386.58 to a dollar that it traded on Thursday.
Bitcoin, the world’s largest digital coin, briefly surged above the $10,000 mark, as demand for it gained momentum.