Naira Drops Slightly Against Dollar, Exchanges at N364.22

• Naira Drops Slightly Against Dollar, Exchanges at N364.22

The Nigerian Naira declined slightly against the US dollar on Tuesday at the investors’ window to exchanged at N364.22.

At the official Window, the Naira exchanged at N306.80 to a dollar as stipulated by the Central Bank of Nigeria.

While the local currency traded at N364 to the US dollar at the parallel market. The pound and euro exchanged at N480 and N415, respectively.

Despite weekly forex interventions by the CBN to sustain the Naira, the currency continues to fall ahead of the National Election.

The CBN has injected about 11 billion dollars into the forex market since January 2018 to prop up the Naira value and stimulate economic activities.

Still, capital outflows remained high as foreign investors continued to abandon assets of emerging economies for developed nations due to rising interest rates.

However, with the projected slowdown in the US and Chinese economies in 2019, emerging economies that are not overly exposed to commodity may enjoy improved capital inflows in the second half of 2019.

Nigeria, Libya, Angola, etc are oil-dependent economies and may be affected in 2019 once China cut importation of crude oil amid slowing economy.