Forex
Naira Slides to N475 Against US Dollar on Black Market
Naira Trades at N475 Against US Dollar
Persistent dollar scarcity continues to hurt the value of the Nigerian Naira against its global counterparts across the nation’s forex segments.
The local currency declined to N475 to a US dollar on the parallel market, known as the black market. This represents a N1 decline from the N474 it traded on Thursday.
Against the British Pound, the Naira remained at N600. The same rate it exchanged on Friday. The local currency has lost N20 against the British Pound in the last three weeks amid rising unclear economic path.
The Naira declined by N5 against the Euro common currency to N550, down from N545 it sold on Thursday.
On the Investors and Exporters Forex Window, the local currency improved with the surge in turnover. Naira gained about N3 from N389 it exchanged against the US dollar on the I&E fx window last week to N386 on Friday.
Investors traded $92.22 million on Friday, up from the $18.83 million exchanged on Monday August 3, 2020.