Tag
ABOKI FX
Exchange rate strengthens after Sallah holiday fall
The local currency strengthened by N0.83 against the dollar, when compared to the N386.33 to a dollar that is exchanged on Friday, May 29, 2020.
Naira weakened against the dollar this represents about 1.1% depreciation when compared to N455 to a dollar that it sold the previous day.
Information obtained from Abokifx shows that the local currency depreciated to N437 to a dollar on Wednesday, May 6, 2020, as against the N430 to a dollar, it sold the previous day.
The volatility of Nigeria’s foreign exchange market seems to be heading towards the 2015 crisis era as the naira has further depreciated to N450 to a dollar in the parallel market
There appears to be no let-off for Nigerian local currency, Naira as the mounting pressure on it continues unabated.