Nigeria's local currency keeps profiting from the output cut in oil prices by the major oil-producing countries as the brent remained above the $40 dollar mark at the end of Monday 8th of June 2020.
Naija News understands that the Naira was sustained for three working days running at the parallel market against the United States dollars as it sold at N450 to $1 on Friday and has remained at that rate so far.
The stability of the naira was strengthened as the commodity-based currency's (naira) major earnings, crude oil, remained above the $40 dollar mark, thereby increasing foreign exchange inflows to the country's foreign exchange reserves.
In addition, Nigeria's central bank had stated that it would use all the monetary tools it had to rescue the Nigerian economy from the fallouts of the COVID-19 induced global economic strain and stabilize the naira with some concrete steps it had taken to tackle currency speculators.
Source: Naija News