Newsonline reports that the Nigerian currency, naira has fallen to N585 against the dollar at the parallel section of the foreign exchange market.
The figure represents N4 or 0.7 per cent depreciation compared to the N581 it traded last week.
Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to Newsonline Nigeria in Lagos on Thursday, said the naira exchanges for N585 to the dollar while they purchase at N578/$1, leaving a gain of N7.
On the apex bank’s website, the naira closed at N416.42 to a dollar on the official market.
This implies that the official market rate has dropped N3 since January.
The Nigerian economy is expected to take a hit from the Russia-Ukraine crisis as an import-driven nation and a possible decline in diaspora remittances from Europe, especially the war zone. Since the crisis started on February 24, Nigeria’s foreign reserves have dropped by $138 million to $39.7 billion.
Next week, the Central Bank of Nigeria (CBN) policy-setting committee will meet to discuss monetary rates and the geopolitical concerns in Europe.
What is the Dollar to Naira Exchange rate at the black market also known as…
The Federal High Court in Warri, Delta State, commenced proceedings on Thursday on a lawsuit involving the…
Elder statesman, Chief Edwin Clark, has told the former Kogi State Governor, Yahaya Bello to…
The Nigerian Police has arrested the alleged mastermind behind the violent assault on the Abuja-Kaduna…
The presidential candidate of the Labour Party in the 2023 election, Peter Obi has described…
The Ondo State government has described the allocation of ₦5 billion for the renovation of…