– The Naira has crashed against the Dollar, Pound, and Euro
– The fall comes just after the country’s external reserves fell to $30.52 billion
The Nigerian currency has weakened at the parallel market just hours after it was reported that the country’s external reserves had declined for the 20th day, falling to $30.52 billion on Thursday May, 25.
According to reports reaching ZENITHBLOG.com, the Naira has dropped three points to close the week at N382/$1 from the previous rate of N379/$1.
The local currency also crashed against the Pound Sterling and Euro.
While the Naira now exchanges at N495/$1 against the Pound Sterling from the previous rate of N490, it dropped two points to close the week at N422 against the Euro, from the previous rate of N420.
Dollar to Naira
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The decline comes at a period when the Central Bank of Nigeria (CBN) posted on its website on Thursday, May 25, that the nation’s external reserve fell to $30.52 billion from $30.7 as at last
In recent times, the Nigerian Naira has maintained its strength against the American Dollar at the parallel market.
But this is only as a result of CBN’s interventions in the foreign exchange market.
Since the local currency dropped to a record low of N520/$1 in February, the CBN has injected more than $4 billion to various sectors of the economy.
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ZENITHBLOG.com had earlier reported that the CBN recently injected $205 million into the foreign exchange market.
In the video below, the traders at the popular Oba Market on Ring Road lamented bitterly about the trading conditions in their state and the prices of goods.
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