Naira weakens against dollar, pound as Nigeria's recession nears end ~ Zeniths Blog

Naira weakens against dollar, pound as Nigeria's recession nears end

The Nigerian Naira on Wednesday, January 11, dropped one point against the American Dollar at parallel market.

According to reports, the Naira now trades at N492/$1 as against N490/$1 it traded on Tuesday, January 10.

The local currency also crashed against Pound, dropping one point to trade at N593/£1 as against the N592/£1 rate it was yesterday, January 10.

Dollar to Naira

READ ALSO: Naira strengthens against pound as BDCs expect dollar supplies

The Naira experienced the biggest fall against Euro as it dropped five points to trade at N515 per Euro as against the N510 of yesterday.

According to a report on Bloomberg, the Naira is expected to weaken further in the parallel market, despite measures by the Central Bank of Nigeria to mitigate the situation in the forex market.

The report shows the six-month contracts declined to

their lowest level since September last week as crude oil advanced by 20%, after the Organisation of Petroleum Exporting Countries (OPEC) agreed to a production cut in November.

Meanwhile, Nigeria will get out of recession, and grow its gross domestic product (GDP) by one percent in 2017, according to a global economic report by the World Bank.

The World Bank said in a report released on Tuesday, January 10, that the global economy will accelerate moderately to 2.7 percent in 2017.

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