The United States Dollar continues its bullish run against the Nigerian Naira on the black market on Friday.
The American Dollar gained N5 against the Nigerian Naira to exchange at US$1 to N480 across key black markets in Nigeria.
The US Dollar has been on a bullish run since COVID-19 pandemic plunged oil prices and distrupted Nigeria’s foreign revenue generation at a time global supply chains were grounded and economies shut to curb the spread of ravaging COVID-19.
The Central Bank of Nigeria devalued the Naira twice to accommodate the nation’s new reality and ease pressure on the weak foreign reserves, still rising capital flight among foreign investors looking to exit the economy and weak foreign direct investment impedes the apex bank’s ability to service the economy with enough US dollar.
Therefore, persistent scarcity due CBN’s failure to supply enough liqudity in an economy that depends on import for almost 90 percent of its consumption plunged the Naira value in recent months.
