Thursday, December 9, 2021

Naira drops to N570 per dollar

The national currency dipped again at the parallel markets on Thursday.

and • September 16, 2021
Godwin Emefiele
CBN Governor, Godwin Emefiele and Bureau de Change

The naira on Thursday dipped further at the parallel market in Lagos against the dollar.

It exchanged at N570 to the dollar, while the pound sterling and the euro closed at N774 and N660, respectively, according to AbokiFX.

Trading at the official investors and exporters window saw the naira closing at N410 to the dollar as of Wednesday, while the pound sterling and the euro closed at N567.67 and N485.53, respectively.

Data from the CBN also showed the naira exchanged at 0.739 kobo to the CFA.

While the CBN claims it is working hard to reduce inflation, experts believe a lot needs to be done in the management of the exchange rate.

The CBN had a few months ago stopped the sale of FOREX to the bureau de change sector of the market, citing regulatory infractions by some of the members of the currency traders.

However, the impact of the ban is far from strengthening the naira against the dollar.


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