How Much Naira Will Trade Against The Dollar, As CBN Resumes FX Sale To BDCs

Naira Rise To N454.50k Per $1,Made Profit Against The Dollar

by AnaedoOnline
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Nigerian local currency made a shocking twelve-month profit against the US dollar to stand at $1/N454.50 kobo.

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

We Understand 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.

News Update: Naira Weakens To N440 On Black Market

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.

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Anaedoonline.com 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.

However, in another news, Zainab Ahmed, the Minister of Finance on Thursday, revealed the World Bank is set to approve $1.5 billion dollars to Nigerian states as part of economic stimulus to cushion the impact of coronavirus.

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