The Pound Sterling and the Euro also exchanged for N575 and N530 respectively.
The market turnover at the window stood at 38.72 million dollars.
In his reaction to the fall of the naira at the parallel market, Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University Ago-Iwoye, Ogun, attributed the volatility to the antics of currency speculators. Mr Tella, a professor, said speculators had huge funds for various currencies for the purpose of speculating for future returns.NAN reports that since the COVID-19 pandemic, the country has been struggling to sell its oil at the international market.
Foreign exchange earned from such sales are used by the apex bank in the defence of the naira at the FX market.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
I’m not a hoe in reality - Naira Marley reveals true personality - Daily Post NigeriaPopular Nigerian Singer, Naira Marley, on Tuesday morning revealed his true personality. Marley known for tweeting sexual and vulgar words is also the
Read more »
Naira in an age of pestilence - The Nation NigeriaI remember when the Naira was born. It hatched out of the British Pound, and we celebrated it as though the birth of a new era. Baba Sala
Read more »