Naira fails to sustain growth against Dollar as S’Africa’s Rand falls amid Xenophobic attacks on Nigerians
- Naira falls against the Dollar, Euro but appreciates against Pound at parallel market
- The fall of the Naira also comes just as South Africa’s Rand loses value against the Dollar
- CBN moves to sell forex to licensed BDCs at the rate of N360 while they will in turn sell to customers at a rate not more than N362 to a dollar
The Nigerian Naira on Thursday, March 30, crashed against the Dollar at parallel market for the first time this week after gaining over 10 per cent last week. According to reports, the currency dropped by N3 to close the day at N383 to the dollar and also dropped N10 against the Euro to close the day at N410 per Euro.
However, the local currency appreciated against the Pound sterling as it closed the day at N465 from the previous rate of N470.
At the official market, the currency closed at 306.40 per dollar. The fall comes just as South Africa’s currency, Rand, lost 3 percent of its value, hovering around 12.9929 per dollar. It was gathered that the South African rand tumbled after President Jacob Zuma ordered his finance minister Pravin Gordhan to go home. Also, the drop of the Naira comes at a time when the Governor of the Bank of Ghana, Abdul Nashiru Issahaku, resigned from his post three years to the end of his tenure.
- The fall of the Naira also comes just as South Africa’s Rand loses value against the Dollar
- CBN moves to sell forex to licensed BDCs at the rate of N360 while they will in turn sell to customers at a rate not more than N362 to a dollar
The Nigerian Naira on Thursday, March 30, crashed against the Dollar at parallel market for the first time this week after gaining over 10 per cent last week. According to reports, the currency dropped by N3 to close the day at N383 to the dollar and also dropped N10 against the Euro to close the day at N410 per Euro.
However, the local currency appreciated against the Pound sterling as it closed the day at N465 from the previous rate of N470.
At the official market, the currency closed at 306.40 per dollar. The fall comes just as South Africa’s currency, Rand, lost 3 percent of its value, hovering around 12.9929 per dollar. It was gathered that the South African rand tumbled after President Jacob Zuma ordered his finance minister Pravin Gordhan to go home. Also, the drop of the Naira comes at a time when the Governor of the Bank of Ghana, Abdul Nashiru Issahaku, resigned from his post three years to the end of his tenure.
Comments