The naira continued its downward trend after exchanging to the dollar for 570 on Thursday.
Posts published in “Exchange Rates”
The naira yesterday exchanged at N484/$1 at the parallel market.
The rate is N4 weaker than N480/$1 it exchanged before the Central Bank of Nigeria began the implementation of its new ‘Naira for Dollar Scheme” on Monday.
The naira has, however, remained stable at N379 to dollar on the Central Bank of Nigeria’s (CBN’s) official rate, a check at the apex bank’s website showed.
The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has said the naira has depreciated at the official market to 410 against the dollar.
Emefiele, who spoke at a summit on the economy by Bank CEOs on Friday, said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.
The Nigeria naira on Friday exchanged for 477/$ at the parallel markets.
Attach the Investor & Exporter forex window, the naira closed at 396.17/$ after hitting a high of 401/$.
The Central Bank of Nigeria recently disclosed that it injected $4.37bn into the foreign exchange market in the third quarter of 2020 as part of efforts to ensure the stability of the naira.
Nigeria currency, the Naira dipped slightly after it exchanged for N474/$ at the parallel market on Monday.
It had earlier exchanged for 473/$ for most of last week.
At the Investors & Exporters forex window, it closed at N388/$ after it had reached a high of N415/$.
Nigeria Bureau De Change Operators Introduces Online Portal for accurate Exchange Rate Updates.
The Association of Bureau De Change Operators of Nigeria (ABCON) says it has launched a real-time exchange rates platform to provide forex information to those interested in the status of the Nigerian currency.
Aminu Gwadabe, the association’s president, said this on Tuesday at a virtual symposium organised by Arbiterz Media Limited, in association with EGM trading partners.
The Nigerian currency, the Naira suffered further setback at the parallel market and Investors and Exporters forex window on Tuesday.
The dollar fell in Asia on Wednesday, hitting a five-month low on the yuan, as the latest coronavirus relief package stalled in Congress and U.S. yields sank on the prospect that further monetary easing might be needed to support the economy.
A hardening perception that the U.S. recovery is lagging Europe has buttressed the euro, which has repelled a rebound in the dollar and rose back above $1.18 on Wednesday.
The naira resumed trading on the official market at 381 to the dollar after no quotes for two straight sessions, as the central bank unified the country’s multiple exchange rates, Reuters reported on Wednesday.
It noted that the central bank had been under pressure from both the World Bank and the International Monetary Fund for currency reforms in order to qualify for budget-support loans, and from the Nigerian government, to get more naira for its crude oil receipts.