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Naira Appreciates To N385.50 Per $1 At Forward Market

Nigerian local currency made a shocking gain on monday night against the US dollar to stand at $1/N385.50 kobo.

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The increasing impact of COVID-19 continues to ravage the economic activities of Nigeria as the Naira, the country’s local currency recorded positive growth at the forward market

Naija News learnt Nigerian local currency made a shocking gain on Monday night against the US dollar to stand at $1/N385.50 kobo. However, the demand pressure on the foreign exchange market by currency speculators also seems to be on a decrease.

The local currency strengthened by N0.83 against the dollar, when compared to the N386.33 to a dollar that is exchanged on Friday, May 29, 2020.

The exchange rate at the I&E window is different from the Central Bank of Nigeria’s published exchange rate, which currently stands at N360/$1.

This is also different from the exchange rate at the parallel market, which is now N440 to $1, according to information obtained from AbokiFX.



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