Nigerian Currency Rises to N385.75 Against US Dollar on Thursday

The Nigerian currency, Naira, improved at the Investors and Exporters foreign exchange window on Thursday, according to the FMDQ Group data.

The data showed the Nigerian currency opened the day at N387.50 to a US dollar before hitting N390 during the trading hour and gradually moderating to as low as N375.

The Nigerian Naira eventually closed at N385.75 to a US dollar.

Daily turnover declined from $31.81 million on Wednesday to $12.45 million.

On the parallel market the Nigerian currency traded at N450 to a US dollar, the same rate it was exchanged on Wednesday. Similarly, the naira was unchanged against the Euro single currency at N485.

The Naira, however, declined against the British pound to N550, N2 lower than the N548 it was exchanged on Wednesday.

Nigerian currency remained largely flat ahead of president Muhammadu Buhari June 12 speech. This is expected to change next week when businesses might have digested both the speech and the N10.81 trillion revised budget approved by the Senate on Thursday.

The Federal Government increased the budget from N10.5 trillion to N10.81 trillion despite the current shortfall in revenue generation and global uncertainty.

Vice-President Osinbajo led committee on Economic Sustainability predicted that Nigeria could have as much as 39.4 million unemployed people due to the COVID-19 pandemic. The committee predicted that the nation’s unemployment rate could hit 33.6 percent from the current 23.1 percent.

Therefore, advised the president to increase new job creation and enhance intervention to support businesses.