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Naira drops to N454 against a dollar, as foreign investors, importers struggle for dollars

Overview Of: Naira drops to N454 against a dollar, as foreign investors, importers struggle for dollars


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The Naira has weakened today at the parallel market (popularly known as Black Market) as it trades at N454 to $1.The development could be attributed to the high demand for the dollar by foreign investors and business owners, whose with dollar payment obligations have accumulated amid a shortage of the currency. The naira had firmed on the unofficial market last week after a coronavirus lockdown was eased.READ ALSO: Nigerian Manufacturers confirm dollar scarcityMeanwhile, the naira is seen ranging on the official and the currency spot markets, bank currency traders said, as buyers resist weakening of the naira since the majority of dollar supply is from the Central Bank of Nigeria.The CBN Governor, Godwin Emefiele, in a statement issued last Sunday, said,“Investors interested in repatriating their funds from the country are guaranteed to get their money, notwithstanding the drop in the revenue from crude oil.”
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Naira drops to N454 against a dollar, as foreign investors, importers struggle for dollars 3

Naira weakened today at the black market as dollar trading at N454 to $1 as demand increased from foreign investors and businesses with dollar payment


Published: 2 years ago | 110 Views

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