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BANKING & FINANCECOVERNEWSLETTER

Naira Weakens Against Dollar, Sells For N532/$

Naira Maintains Solid Form At Parallel Market

Nigeria’s naira to dollar exchange rate weakened at the parallel market on Monday, August 6, 2021.

At the parallel market/black market, the naira to dollar exchange rate depreciated and closed at N532 to one dollar compared to N530 to one dollar rate on Friday, August 4, 2021.

Nigeria’s local currency has lost more than five per cent of its value since last week Friday.

Checks showed that naira dipped to N723 against the British pound sterling at the parallel market from 722/£1 on Friday, while the euro rose to N625 from N622.

At the I&E window, the naira, however, gained 0.09 percent to close at 411.13/$1 on Monday, according to FMDQ Group.

READ ALSO: CBN Appoints Bitt Inc., Barbados-based Startup, As Technical Partner For eNaira

The value of the naira has been spiralling downwards since last month when the Central Bank of Nigeria suspended the sales of forex to Bureau De Change (BDCs).

The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee (MPC) meeting, announced the suspension of forex sale to the BDCs.

According to him, the forex traders have turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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