Setback For Naira As It Falls Against Dollar Again

Dollar to Naira

Naira has yet again recorded a fall against the dollar at the black market after a major gain.

VANTAGE NEWS reports that the recent nosdive by the Nigeria’s official tender, Naira, against the United States Dollar, sees it trading at ₦560 per dollar

This is coming weeks after enjoying a significant gain at the parallel market better known as the black market.

This online platform gathered that some Bureau De Change (BDC) markets in Lagos, Nigeria’s commercial city on Sunday evening, November 21, exchanged Naira at ₦560/$1 despite opening the week with an exchange rate of ₦540/$1, quashing the hopes of speculators who had predicted that the Naira will soon exchange at ₦500/$1.

This was when it traded at ₦530/$1 a week before.

According to some the BDC operators in Lagos, they bought a dollar for ₦547 and sold at ₦560 as against the ₦535 and ₦540 they bought and sold in recent times.


Comments expressed here do not reflect the opinions of Vantage News Nigeria or any employee thereof.

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