Forex scarcity: Naira weakens against 3 major currencies

There are indications that the forex market liquidity change is far from being resolved as the Naira suffered a major blow Thursday with a bad outing at the parallel market. It further dwindled against all three major currencies, including the dollar, pound and Euro.

At the black market, the Naira lost three points to the dollar closing at N493 to a dollar as against N490 which it closed trading on the previous day.
The Naira suffered a similar fate in the hands of the Pound Sterling clos­ing at N595 and the Euro at N506.

The Naira traded at N399 to a dollar at the Bureau De Change (BDC) window, which is the Central Bank of Nigeria (CBN) con­trolled rate, while Pound Sterling and the Euro closed at N598 and N510 respectively.

The Authority, January, 2017

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now