Nigerian local currency made a shocking twelve-month profit against the US dollar to stand at $1/N454.50 kobo.
Naija News Understands that the 12-month naira forwards profit was recorded on Wednesday, from a high of N522.56 on April 20, 2019, despite the increasing impact of COVID-19 of the economic activities of Nigeria and the fear of upcoming recession.
However, The fiscal crisis being faced by Nigeria as a result of the coronavirus pandemic appears to be easing off a bit, following the gradual rebound of crude oil prices globally. The improved foreign exchange inflow has helped to ease off devaluation concerns.
Naija News also learnt that the planned resumption of dollar sales to Bureau De Change (BDCs) is expected to further help ease the pressure in the market.
Meanwhile, the Brent traded over $40 per barrel, and the Nigerian Bonny light crude also traded almost $38 per barrel, both selling at the highest price in almost 3 months.