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Naira Watch

Naira makes slight gain, as presidency says Buhari not to blame for FX woes

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

The naira gained slightly against the US dollar in the official market on Monday after recording two consecutive losses.

According to figures from the FMDQ securities exchange window, where money is lawfully exchanged, the naira closed at N414.83 per $1.

Monday’s performance represents N0.07 or 0.02 per cent appreciation from N414.90 it traded Friday last week when it hit an all-time low.

Transactions worth $130.83 million were executed at the FX market segment during the trading day in contrast to the $193.59 million carried out at the previous session, indicating a decline by 32.4 per cent or $62.76 million.

However, at the black-market Ripples Nigeria confirmed from dealers in Ikotun, that the dollar exchanged for N570-575 depending on the quantity.

Read also: CBN e-naira website hits 1m views in less than 24 hours, as similar domain owner wants N4.2m

The British pound exchanged at N760- N780.

By this, exchange rate between the official and unofficial market for the dollars is still above N150.

Meanwhile, the presidency has asked Nigerians to stop blaming President Muhammadu Buhari for the struggling of Naira.

Ajuri Ngelale, senior special assistant to the president on public affairs while speaking on Arise Tv on Monday stressed that Buhari has nothing to do with Naira depreciation.

“People make political statements, blaming the president but forget that those who buy from the official market and sell at the black market are the real problems.”

He further described the comments made by renowned economist and former deputy governor of the Central Bank of Nigeria Kingsley Moghalu as political.

“He has political ambition, so it’s easy for him to colour narratives to fit into his ambition,” he said.

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