Business Naira Watch: Tracking Nigeria's Currency [Day 67]

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Nigerian naira depreciated by 1.49% against United States Dollar to close at N312.98 at the Inter-bank foreign exchange market.

At the parallel market, the currency down to N452.00 to the dollar as shortages on the official market persist, funneling importers to the unofficial market, amidst declining currency reserves in Africa’s biggest economy.

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, argued that the current rate of the naira on the parallel market was not a true reflection of the value of the currency.

He also attributed the development to the activities of speculators.

nairadollar.jpe

Naira Watch: Tracking Nigeria's Currency [Day 66]

Monday Closed: 308.37

Today Open: N315.25

High Rate: N315.25

Low: N312.25
 
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