Naira, Nigeria’s legal tender, on Friday fell by 0.3 percent against the dollar at the Investors and Exporters (I&E) foreign exchange window, the lowest ever since the creation of the window in 2017.
After trading on Friday, the dollar was quoted at N414.90 as against N413 the previous day, data from the FMDQ showed
Currency traders who participated in the trading session on Friday maintained bids at between N400.00k and N415.20k per dollar.
The naira is weakening to a lowest at a time Nigeria’s foreign exchange reserves are growing following the allocation of $3.3 billion Special Drawing Rights (SDRs) by the International Monetary Fund (IMF) on August 23, 2021, and most recently, the issuance of $4 billion Eurobond by the Federal Government.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
