After gaining for three days, the Naira depreciated marginally at the unofficial foreign exchange market on Monday.

A Dollar was sold for N482 on Monday, compared with N480 it exchanged on Friday as demand continues to outstrip supply.

Read Also: Elon Musk: Bitcoin ‘on the verge’ of being more widely accepted

The Dollar had hit N500 previous week due to the scarcity of forex in the country, caused by low prices of oil and output cut and the impact of COVID-19 on global economy, which reduced inflows into the country.

Central Bank of Nigeria (CBN)

This forced the Central Bank of Nigeria (CBN) to liberalize diaspora remittances into the country, compelling International Money Transfer operators through banks to issues Dollars to recipients, in order to boost remittances from Nigerians abroad into the country.

Same rate traded on friday

At the Investors’ forex window, the Naira weaken by 0.06% to N395.00/$ from N392.13/$ on Friday, while the Dollar was sold for N379.00 at the official window, the same rate it traded on Friday.Get more stories like this on Twitter

LEAVE A REPLY

Please enter your comment!
Please enter your name here