Tag
NAIRA
The drop in the value of the naira can be attributed to the pressure in the foreign exchange.
There has been growing pressure for the CBN to unify the exchange rate markets.
Naira gained against the dollar when compared to N386.50 to a dollar it exchanged on Monday.
The naira has been hitting record lows on the parallel and over-the-counter spot markets.
Naira to sell at a rate of N451 to $1 at the black market as against N450 to $1 recorded on Monday.
Naira has been hitting record lows on the parallel and over-the-counter spot markets since early March.
Nigeria's central bank, some weeks ago, resumed dollar sales to individuals and businesses with genuine needs.
A cursory look at data from FMDQ shows that the turnover for the day witnessed significant drop.
The naira was strengthened as the commodity-based currency's major earnings, crude oil, remained above the $40 dollar mark
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.
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.