The Central Bank of Nigeria’s decision to redesign the Naira, the country’s currency, has greatly increased demand on the foreign exchange market.
As more people look to buy dollars to exchange their stashed naira notes, this enormous demand has caused the naira to depreciate even more in the black market.
Checks revealed that on Friday, street vendors exchanged dollars for local currency at a rate of N780.
When compared to the N753 reported earlier, this represents a 4.13 percent decrease.
According to FMDQ Securities, the official window exchange rate for the Naira was 444.50 to the USD.
This is a depreciation of 0.64 per cent, compared with N441.67 to the dollar it exchanged
The open indicative rate closed at N441.25 to the dollar on Thursday.
An exchange rate of N450.06 was the highest rate recorded within the day’s trading before it settled at N444.50.
The Naira sold for as low as 425 to the dollar within the day’s trading.
On Thursday, a total of 100.90 million dollars was traded at the official Investors and Exporters window. CONTINUE READING………………………………………
THIS IS FOR YOU🤳🏾👨🏼💻
For your Surprise birthday wishes, Business Advert Placement, Publicity Online and offline, Press Release, Social Media Management, For Your Content Writer Plug, Personality Promotion, Special Report, Featured Story, Conference, And Interviews – CONTACT US @VAM on WhatsApp/Call📞@ 08072633727 📲
News Update The Osun Online Publishers Association (OOPA) extends the warmest and most heartfelt birthday…
The Federal Capital Territory, FCT Police Command has urged the Nigeria Labour Congress, NLC and…
The Federation Account Allocation Committee, FAAC, shared a total sum of N1.969 trillion as the…
THE Benue State Police Command has confirmed the arrest of two serving police sergeants in…
A renowned Islamic cleric in Zaria, Sheikh Usman Idris, popularly known as “Rigi-Rigi,” has died…
A 20-year-old lady, earlier declared missing by relations, has been found dead in the bush.…