EconomyNaira Hits N502 to $1

LAGOS — Amidst speculations hampering forex market operation, naira slid down at the parallel market to N502 per dollar.

According to data on abokiFX.com, a website that collates parallel rates, the local currency closed at N499 to a dollar on Thursday and lost N3 at midday trading Friday.

It also depreciated against Pound and Euro, trading N710 and N608, respectively.

Earlier, the Central Bank of Nigeria (CBN) had made efforts to ease naira against other foreign currencies and unify the country’s forex (FX) rates.

In 2017, it introduced the I&E window to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all FX transactions.

After its meeting on Tuesday, members of the Association of Bureau De Change Operators of Nigeria (ABCON) declared ‘Operation No Street Trading” to stop the hawking of foreign exchange.

• About
• Latest Posts

Beloved John (Staff Writer)

Writer and reporter-researcher, John Beloved is a self-motivated and creative Journalist with a commitment to quality writing and investigation. She accumulatedher professional skills and experience working for over 3 years as a content creatior and communication management. She holds a B.Sc. Education (Political Science) from the Obafemi Awolowo University, Nigeria.

Latest posts by Beloved John (Staff Writer) (see all)

• Breaking: Ohanaeze President General, George Obiozor, confirmed dead - December 28, 2022
• US to support NDLEA on improved intelligence gathering capacity - December 27, 2022
• Why diversified HIV/AIDS prevention tools matter for women - December 26, 2022