Naira Sheds 3.52% Against Dollar at Spot FX Market

 The Naira on Wednesday, August 24, weakened against the Dollar with a loss of 3.52% at the spot FX or interbank market to close at N315.93 compared with 1.15% gained on Tuesday, August 23 to close at N305.18.
The Nigerian currency, had on Tuesday, firmed up against the Dollar for the third consecutive day having gained 1.15% to close at N305.18 at the spot FX or interbank market.
This is slightly lower than Monday’s appreciation of 2.47% when N308.73 was exchanged for a Dollar, according to trading information from the Financial Market Dealers Quote, FMDQ.

However, the recent drop is an offshoot of the suspension of nine banks from participating in the foreign exchange market for failing to remit $2.12 billion dollars belonging to the Nigeria National Petroleum Corporations to the Treasury Single Account

Exchange rates from the Central Bank of Nigeria showed that the Naira remained stable to the Dollar, selling at N305.5 same as Monday and Tuesday.

The Pounds Sterling was sold for N404.2 in contrast to Tuesday’s N402.9, while N344.3 was exchanged for one Euro in contrast to N346.5 it was exchanged for yesterday.

 

 

 

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