Naira Remains Weak Against Dollar, Sells at N700 For a Pound

Naira Remains Weak Against Dollar, Sells at N700 For a Pound

- On Wednesday, naira sold for N498 to one dollar, staying N5 above what it sold for at the end of last month, May

- AbokiFX data showed that one pound went for N700 this evening, as the naira remained weak against the UK currency

- Data from the official exchange rate market, Investors & Exporters window showed that naira appreciated

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Naira remains weak on Wednesday as it sold for N498 to $1 this evening at the black market. The country's currency has been losing value across currency market.

Although, it traded flat in the parallel market between Tuesday and Wednesday, but when compared to that of Monday, it depreciated by N3 having closed with N495.

In a currency market data by AbokiFX, the naira traded at N700 to one pound this evening, sustaining the market exchange rate it closed the first day of this month with.

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Naira Remains Weak Against Dollar, Sells at N700 For a Pound
Naira and dollar notes. Photo: PIUS UTOMI EKPEI
Source: Getty Images

However, a check on FMDQ, which houses the country's official exchange known as Investors & Exporters window, showed that naira opened at N411.22 to $1, but closed at N411.06, reflecting an appreciation.

But during the day, naira had appreciated as high as N381.50 to $1, and also sold for N420.47 for $1 at some point. But this evening, naira value settled at N411.06.

Meanwhile, had earlier reported that the NigerIan National Petroleum Corporation (NNPC) is eyeing a stake in five refineries after opening talks with Dangote Refinery.

Out of the five refineries, one of the known company is BUA Group. The NNPC said it is requesting for shares in the refineries in line with the directive from the government.

The government-owned corporation said a new policy by the FG mandated that NNPC be a stakeholder in the oil companies.

Source: Legit

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