– Naira ends the first week of August on a disappointing note
– The Nigerian currency failed to make any significant growth at the parallel market
– However, it ended the week at N305.55 to a Dollar, at the official market
The Naira has ended the first week of August on a disappointing note after it failed to rebound from its depreciated rate of N365 per Dollar at the parallel market.
ZENITHBLOG.com‘s survey on Friday, August 4, shows that the Naira retained its weakened rate of N365 per Dollar, a decline from the previous rate of N363/$1.
The local currency also remained unchanged against the Pound at N475/£1 and N424/€1 as it was yesterday August 3.
Today’s rate. Photo: ZENITHBLOG.com
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Shortly after Nigeria started battling with recession, inflation and dollar shortages,
The apex bank has also continued to pump Dollar at the inter-bank and Bureau De Change foreign exchange market in its bid to sustain forex.
This has seen the Naira recover some ground in recent months after falling to a record low to N520/$1 in February.
Meanwhile, the Naira ended the week at N305.55 to a Dollar at the official market. The CBN has been working to converge the official rate and parallel rate through interventions at the forex market.
Do you ever think N1 can become $1 at forex market? Watch people respond to this question below.
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