Business
Naira Slips Against Global Currencies, By ₦5.00 Against US Dollar
The Nigerian Naira slid against global counterparts at the unregulated parallel market, popularly known as the black market on Thursday, Ekohotblog has learnt.
Our correspondent gathered that the Naira dipped by ₦5 against the United States Dollar from ₦510 it exchanged on Tuesday to ₦515 on Wednesday before opening at exact same amount on Thursday.
Against the British Pound and Euro common currency, the local currency traded at ₦702 and ₦598, respectively.
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Economic uncertainty amid activities of unscrupulous individuals has battered the Nigerian Naira against its global counterparts.
The Naira outlook remained weak and largely uncertain in the near term given the dwindling foreign reserves and falling key macroeconomic fundamentals.
The NAFEX exchange rate closed at ₦411.40 to a United States Dollar on Wednesday, according to the FMDQGroup latest data.
While the Central Bank of Nigeria quoted its selling price at ₦410.12/US$1. Banks are now setting up forex units to ensure Nigerian access forex at central bank stipulated rates.
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