Naira Falls By 3.5% Against Dollar

The naira fell by 3.5 percent against the dollar on Friday, trading  at N445 to the dollar in the parallel market.

Nigeria relaxed  COVID-19.lockdown on Monday to kick- start the economy, which saw the  local currency gaining N20 against the dollar at N430 from N450/dollar.

However, the naira on Wednesday, fell by N7 to  sell at N437 against the dollar from N430. The naira maintained the N 437 rate  between Wednesday and Thursday, before dropping to N445 per dollar on Friday.

CBN  had in the last two months adjusted the naira rates by 15% from N306 to N360 at the official window, while at the I&E window the apex bank adjusted the naira by 5% from N360 to N380 per dollar.