Dollar and Pound Depreciated Against Naira at Black Market, NAFEX
- The US dollar lost its bullish run against the Nigerian naira this evening following a loss of N9 at the black market
- Pound also fell against the local currency on Thursday, following the same path with the dollar, however, it remained above N700
- Both the parallel market and the Investors and Exporters window reported that naira gained at the end of trading today
Naira appreciated against the dollar on Thursday as dollar value dropped by N9 at the black market, ending the day with the local currency at N493 to $1.
It had opened the day's exchange at N502 to one dollar, and fell to lowest of N485 against $1 during intraday parallel market activities in the afternoon.
According to AbokiFX, it was gathered that one pound remained above N700 even though its value depreciated on Thursday, when compared to the previous day market price.
Source: Getty Images
On the streets of Nigeria, £1 went for N710 in the evening of today, as it lost N3 in market value - one pound had opened the market with N713 before depreciating, but in the afternoon, parallel sellers sold £1 at a low price of N705.
In the official market, which is the Investors and Exporters window, the dollar opened at N411.54, by the end of the day, $1 closed at N411.50.
This means dollar depreciated by N4, but not before selling as high as N412, and at a low of N400 during intraday exchange on NAFEX.
The devaluation of naira by the Central Bank of Nigeria and scarcity of foreign exchange had contributed to the depreciation of the local currency for months.
The scarcity was as a result of the COVID-19 which reduced inflow of forex, while the devaluation happened following adoption of NAFEX by the CBN
Meanwhile, Legit.ng had previously reported that Nigerian female entrepreneur, Natasha Ibori, got N4.08 million from Northeastern University.
The United States tertiary institution had requested for company application to award grant, and Ibori submitted her startup, Uwana Energy.
Her company sells solar panel to small businesses and helps them to maintain it, with plan to serve as an alternative to generator.
Source: Legit.ng
