Naira has fallen to a record low against the dollar as reserves fall.
Nigerian naira weakened to a record low against the dollar on Tuesday as the central bank continues to face pressure from dwindling foreign exchange inflows amid falling oil production.
The naira weakened 0.27% to 435.60 to the greenback on the spot market as of 12:52pm local time in Lagos, the lowest the currency has ever traded, according to Bloomberg data. In the parallel market, where the currency is freely traded, the naira weakened to 691.13 from 689.23 on Monday, according to @naira_rates, a twitter handle that tracks the rates.
Foreign exchange inflows into Africa’s biggest crude producer declined 2.4% to $1.5 billion in the three months to June from the previous quarter despite higher oil prices. The country’s external reserves fell to $39 billion on Sept. 1 from $40 billion in December.
Deputy Governor of Benue State's Loyalty: Barr Sam Ode reaffirmed his support for Governor Rev…
Wunmi, the widow of singer Mohbad, has reportedly undergone two DNA tests in secrecy, as…
Naija News: Top Nigerian Newspaper Headlines For Today, Wednesday, 1st May, 2024 The Deputy Governor…
Dr Pauul Enenche, the Senior Pastor of Dunamis International Gospel Centre has released his prophetic…
Benue State Governor, Rev. Fr. Hyacinth Alia, has said the state government will launch its…
Here are some warm wishes and messages for the New Month of May 2024: Messages…