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The United States dollar slumped to seven-week lows on Thursday, pressured by investors’ concerns about U.S. protectionism after President Donald Trump gave the go-ahead to construction of a U.S.-Mexican border wall and prepared to impose some immigration curbs.
This is coming as Nigerian naira continue to slump at parallel market over liquidity issue in the market.
Nigerian currency to 607 against the pound at the open of market on Thursday morning while maintaining 498 and 527 against the Dollar and Euro respectively.
Meanwhile, the dollar index, which tracks the greenback against a basket of major currencies, was last down 0.1 percent at 99.886. It dipped to 99.793 earlier in the day, its lowest level since Dec. 8.
The dollar was generally weaker despite a rally on Wall Street, where the Dow Jones Industrial Average closed atop the 20,000 mark for the first time.
Trump has made several business-friendly decisions since taking office on Friday, including signing executive orders to reduce regulatory burdens on domestic manufacturers and clearing the way for the construction of two oil pipelines.
Source: Reuters/NigerianBulletin
This is coming as Nigerian naira continue to slump at parallel market over liquidity issue in the market.
Nigerian currency to 607 against the pound at the open of market on Thursday morning while maintaining 498 and 527 against the Dollar and Euro respectively.
Meanwhile, the dollar index, which tracks the greenback against a basket of major currencies, was last down 0.1 percent at 99.886. It dipped to 99.793 earlier in the day, its lowest level since Dec. 8.
The dollar was generally weaker despite a rally on Wall Street, where the Dow Jones Industrial Average closed atop the 20,000 mark for the first time.
Trump has made several business-friendly decisions since taking office on Friday, including signing executive orders to reduce regulatory burdens on domestic manufacturers and clearing the way for the construction of two oil pipelines.
Source: Reuters/NigerianBulletin