Capital Market Featured

Naira exchanges at N472 to dollar at parallel market

The Naira on Tuesday exchanged at N472 to a dollar at the parallel market in Lagos, TBI Africa reports.

The Pound Sterling and the Euro also exchanged for N575 and N530 respectively.

The Naira, however, traded at N388.17 to a dollar at the investor’s window. The market turnover at the window stood at 38.72 million dollars.

In his reaction to the fall of the naira at the parallel market, Prof. Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University Ago-Iwoye, Ogun, attributed the volatility to the antics of currency speculators.

Tella said that speculators had huge funds for various currencies for the purpose of speculating for future returns.

He said that the speculation could be caused by the official depreciation of the naira recently.

Since the COVID-19 pandemic, the country has been struggling to sell its oil at the international market.

Foreign exchange earned from such sales are used by the apex bank in the defence of the naira at the FX market.

 

 

Related posts

NDDC committed to addressing low project completion rate

By Meletus EZE

DPR seals filling station in llorin over damaged pumps

By Abisola THOMPSON

Inflation hits 16.82%, exceeds IMF’s 2022 projection

Our Reporter

Senate to review impeachment threat against Buhari Tuesday

Our Reporter

Reps vow to stop unjustifiable foreign electricity contracts

Our Reporter

Osinbajo takes campaign to Ibadan, upbeat about becoming next president

Our Reporter