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Nigerian Naira depreciated by 1.54% against United States dollar fifty-eight business days after the Central Bank of Nigeria removed peg on the Nation's currency.
The currency today traded at the inter-bank foreign exchange market to close at N315.50.
The naira has been under pressure as the awful combination of depressed oil prices, dollar shortage and ongoing concerns over the state of the economy encouraged bearish investors to attack.
“With Nigeria in a recession, the local currency could be poised to decline further in the immediate term as investors flock to safer asset”, The Head of Research and Economic Analysis at FXTM, a Cyprus-based foreign exchange brokerage firm, Mr. Lukman Otunuga told PUNCH in a recent interview.
Naira Watch: Tracking Nigeria's Currency [Day 57]
Friday Closed: N310.64
Today Open: N310.50.
High Rate: N325.25
Low: N314.50
The currency today traded at the inter-bank foreign exchange market to close at N315.50.
The naira has been under pressure as the awful combination of depressed oil prices, dollar shortage and ongoing concerns over the state of the economy encouraged bearish investors to attack.
“With Nigeria in a recession, the local currency could be poised to decline further in the immediate term as investors flock to safer asset”, The Head of Research and Economic Analysis at FXTM, a Cyprus-based foreign exchange brokerage firm, Mr. Lukman Otunuga told PUNCH in a recent interview.
Naira Watch: Tracking Nigeria's Currency [Day 57]
Friday Closed: N310.64
Today Open: N310.50.
High Rate: N325.25
Low: N314.50
