Tuesday, April 13, 2021

Naira slumps, exchanges for 480/$ at parallel market

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The naira has dropped in value again as it exchanged to the dollar for 480/$ at the parallel market on Friday but in mid February, it had exchanged at 473/$ at the parallel market.

At the Investors & Exporters forex window, it reached a high of 415/$ on Friday.

The Governor of the Central Bank of Nigeria, Mr Godwin Emefiele said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the supply of foreign exchange into Nigeria.