Nigerian currency drops against Dollar at parallel market
The naira lost N1 on Friday afternoon, from the N320.5 to a dollar it traded on Wednesday.
A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. In Nigeria, holding naira has become increasingly unpopular as it has lost its value. Basic everyday goods can still be paid for in the local currency but many items are scarce and Nigerians need U.S. dollars for imports such as drugs or fabrics sold by small-time traders, to send money to relatives abroad or to purchase western clothes that are important status symbols. Faced with a massive drop in oil revenues and declining reserves, Nigeria's central bank devalued the naira and then imposed rules restricting access to dollars to all but importing companies to curb what it termed "speculation". Picture taken March 12, 2015. REUTERS/Afolabi Sotunde (NIGERIA - Tags: BUSINESS POLITICS)
Recommended articles
![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
NAN reports that the naira lost N1 on Friday afternoon, from the N320.5 to a dollar it traded on Wednesday.
However, it traded against the Pound Sterling and the Euro at N460 and N463. It had previously exchanged at N457 and N361 respectively on Wednesday.
Meanwhile, the Nigerian currency maintained N197 to the greenback at the official Central Bank of Nigeria (CBN) rate.
ADVERTISEMENT
Traders at the market noted that in spite of the appreciation in the price of oil at the international market, the naira continued to fall.
They, however, said that a sustained rise in the price of oil would shore up the value of the naira at the market.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Otu allocates ₦100m to improve school children's nutrition, learning, health
JAMB warns UTME candidates against sharing details with fraudsters
Ex-attorney general Adoke cleared of money laundering charges
Court permits Nigerian to amend $150m case against Google, GoDaddy
Delta monarch declared wanted over Okuama killings regains freedom
Tinubu endorses 3 frameworks to educate Nigeria's out-of-school children
Anxiety as APC confirms Ganduje's chairmanship status
Mysterious illness kills 8 people in Sokoto - no one can explain why
Child labour problem in Nigeria worst in Southeast, Northwest
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT