Sun, 1 Aug 2021

 

Naira lost ground to US Dollar, Euro, pounds
 
By: Abara Blessing Oluchi
Wed, 2 Jun 2021   ||   Nigeria, ABUJA
 

Nigerian currency lost ground on Tuesday to all the major currencies, depreciating between 0.2 to 0.6 per cent in various markets where it was traded.
Naira fell 0.6 per cent at the parallel market, also known as the Black Market to sell at N498 to the U.S. dollar.
It also fell 0.3 per cent at FX Market, where it traded N411.02 against the U.S. Dollar.
However, the Nigerian money was stable at the CBN exchange window where it was offered for N410.
The naira also lost 0.2 per cent against the Euro at the parallel market to sell at N598.
Naira, in the CBN rate depreciated by 0.4 per cent. It is now sold at N500.2.
Although the naira rate for pound sterling did not change at N700 when buying the euro and N693 to sell it.
The declining rate of the Naira continued to underscore the stunted foreign reserve, which is yet to rise above the $34 billion range.
The CBN has launched several initiatives to pump more dollars into the economy.

 

 

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