Dollar Pressurises Naira To Fall Beyond ₦515

• Nigeria’s dwindling foreign reserves amid rising demand for forex across key economic sectors continue to drag on the central bank’s ability to service Africa’s largest economy.

The Nigerian Naira remained under pressure across key foreign exchange markets as forex scarcity persisted despite efforts to prop up the Naira value.

The local currency was exchanged at ₦515 to a United States Dollar on Friday at the unregulated parallel market known as the black market. Against, the British Pound and Euro common currency, the Naira traded at ₦702 and ₦598, respectively.

Recall that the Naira traded for dollar at ₦411 three months ago in May.

 

EKOHOTBLOG gathered that at the Bureau De Change section, Naira traded at ₦513 to United States Dollar, ₦700 to a British Pound and ₦600 to a Euro following the Central Bank of Nigeria’s decision to cut forex supply to that section of the forex market.

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Nigeria’s dwindling foreign reserves amid rising demand for forex across key economic sectors continue to drag on the central bank’s ability to service Africa’s largest economy.