Pound Remains Strong Against Naira as Dollar Sells Above N500

Pound Remains Strong Against Naira as Dollar Sells Above N500

- The naira is still a weak currency when compared to foreign notes in the black market, as the adoption of the NAFEX rate fails to strengthen it

- The naira, however, traded high on the Investors and Exporters window, appreciating against the American currency in the official market

- The devaluation of the naira has further weakened the Nigerian currency, affecting cost of goods and services in the country

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Nigerian naira continues to get weaker as foreign currency grows against the country's official tender in the black market on Monday. As at this afternoon, it sold for N502 to one dollar.

According to data from the official foreign exchange market, NAFEX [investors and Exporters window], the value of naira depreciated today, closing at N410.95/$1.

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It had opened the market with N410.79 to $1, but had depreciated to N420.77 against $1, and appreciated to N400 during intra-day trading at the official market.

Pound Remains Strong Against Naira as Dollar Sells Above N500
Nigerian currency. Photo: PIUS UTOMI EKPEI/AFP
Source: Getty Images

But during trading at the parallel market, the pound lost its grip against the naira, as it depreciated to N713 for one pound this evening. A day before, naira sold for N715/£1.

Since the Central Bank of Nigeria adopted the NAFEX as its official exchange rate for the dollar, naira hasn't gained, depreciating in value.

Meanwhile, Legit.ng had earlier reported that the telecommunications industry recorded heavy loss in April after 3.70 million subscribers stopped using their network.

The most affected was Glo and MTN Nigeria, with both companies losing over 3.40 million subscribers, while Airt and 9mobile recorded six figure loses.

The network providers have been losing subscribers for months with 9mobile losing less customers compared to other market rivals.

Source: Legit.ng News

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