ABCON explains how to stop naira depreciation
Reopening of the BDC window for foreign exchange would crash the prevailing spike in the exchange rate.
Reopening of the BDC window for foreign exchange would crash the prevailing spike in the exchange rate.
The U.S. Dollar Index dropped by 0.02% to trade at 95.090 at the time of this report.
The exchange rate disparity between NAFEX rate and back market rate widened by a whopping N84.
Analyst survey expects the dollar to weaken by about 2% to 94.1 by the second quarter of next year.
The U.S. Dollar Index gained 0.19% to 96.858 by 5.56 am local time on Friday.
The U.S. Dollar Index tracks the American dollar against a basket of other major currencies.
The American dollar continues to attract global investors and currency traders.
Fears of a fresh wave of virus infection and renewed lockdown forced the dollar to edge higher.
The naira was strengthened as the commodity-based currency's major earnings, crude oil, remained above the $40 dollar mark
American dollar ended the week cumulatively lower as the possibilities of the second wave of COVID-19 pandemic limited its upside.