Categories: Latest News

Naira drops N411 to dollar

The naira traded at a record low against the dollar at the official NAFEX window on Friday.

Reuters reports that this could be a move by the CBN to unify multiple exchange rates.

The naira closed at 411.25 — the last closing rate for the naira, despite hitting N419.75 to a dollar during the intra-trading day.

Having traded within a band of 380 and 381 to the dollar since July last year, the naira hit a record low of 419.75 against the dollar on Friday.

The different trading rates have attracted warnings from the World Bank, who have asked that the rates be unified in order to attract investment.

The Governor of the apex bank, Godwin Emefiele, had in February confirmed that the naira has depreciated at the official market to N410 against the dollar as the government tries to boost earnings from crude sales, its main export.

On Friday, The CBN removed the exchange rate of N379/$1 from its website homepage. The exchange rate displayed on the website was usually the reference point for the official exchange rate of the country. The last data entry for the exchange rates show May 10.

Sunny Green Itodo

Recent Posts

BREAKING: APC Crisis: Court of Appeal dismisses Moses Agaba’s appeal against Austin Agada

The Court of Appeal in Makurdi, Benue State, on Thursday dismissed an appeal filed by…

30 mins ago

BBNaija’s Phyna publicly rejects family, drops surname

Big Brother Naija Season 7 winner, Josephine Ijeoma Otabor, also known as Phyna, has publicly…

47 mins ago

Yemi Alade slams Cool FM, Clout Africa over blacklisting, refusal to forgive

Nigerian singer Yemi Alade has criticized prominent media outlets Cool FM and Clout Africa, accusing…

1 hour ago

BREAKING: Relief as Lakurawa terrorists flee Nigeria after military intervention

Senator Adamu Aliero, representing Kebbi Central, has announced that the Nigerian military successfully expelled the…

1 hour ago

BREAKING: Supreme Court nullifies National Lottery Act, grants states exclusive control

The Supreme Court has struck down the National Lottery Act of 2005, ruling that the…

2 hours ago

Latest update on fuel price hike, fuel scarcity for November 22nd, 2024

As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…

7 hours ago