Naira Sinks Lower At Parallel Market, Exchanges At ₦473/$1

Naira Sinks Lower At Parallel Market, Exchanges At ₦473/$1

The Naira sank lower, both at the Investors and Exporters forex window and parallel market on Tuesday.

The Naira exchanged at the parallel market for ₦473/$1, this is according to the figures collected from Bureau De Change operators at the parallel market.

The local currency gained some value after it ended in 2020 at ₦467/$1

Similarly, the Naira suffered a decline at the I&E window, shedding 0.17 percent to close at 394/$ on Tuesday.

READ ALSO: Stanbic IBTC Asset Management Limited Assigned ‘AA(IM)’ Rating

It reached a low of 401 at the I&E window at the close of 2020.

The Central Bank of Nigeria however maintained the official exchange rate at N379/$ on its website.

The Association of Bureaux De Change Operators of Nigeria recently appealed to the CBN to make BDCs payout agents for diaspora remittances.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.