Why naira remains under pressure, exchanges for N560/$1 at black market


FOLLOWING persistent exchange rate pressure on the Naira, a herd of finance and economic experts have highlighted why there is no respite in sight, listing conditions for a stronger local currency.

The Naira on Friday further depreciated against the greenback by 0.21 per cent to N412.88/US$ at the Investors and Exporters, foreign exchange (FX) window as demand appears to have outweighed supply.

Also, the Naira/US$ exchange rate rose (Naira depreciated) at the Bureau De Change and Parallel markets by 4.09 per cent and 4.59 per cent to close at N560.00/US$ and N570.00/ US$ respectively.

Unfortunately, Nigeria’s dollar supply has been in decline. According to data from the Central Bank of…

Source: Nigerian Tribune