The Naira has ended the first week of August on a disappointing note after it failed to rebound from its depreciated rate of N365 per Dollar at the parallel market.
Surfbaze's survey on Friday, August 4, shows that the Naira retained its weakened rate of N365 per Dollar, a decline from the previous rate of N363/$1.
The local currency also remained unchanged against the Pound at N475/£1 and N424/€1 as it was yesterday August 3.
Shortly after Nigeria started battling with recession, inflation and dollar shortages, the Central Bank of Nigeria (CBN) responded by opting for a system of multiple exchange rates rather than floating the nation's currency.
The apex bank has also continued to pump Dollar at the inter-bank and Bureau De Change foreign exchange market in its bid to sustain forex.
This has seen the Naira recover some ground in recent months after falling to a record low to N520/$1 in February.
Meanwhile, the Naira ended the week at N305.55 to a Dollar at the official market. The CBN has been working to converge the official rate and parallel rate through interventions at the forex market
No comments:
Post a Comment
Comments posted here are of users opinions and has nothing to do with SURFBAZE interest!!