NAIRA’S FIRST MAJOR GAIN AGAINST THE DOLLAR SINCE LATE MARCH



Nigeria’s naira gains against the dollar, as CBN closes in on currency speculators

This is naira’s first major gain against the dollar since late March.

Naira gains on the dollar for the first time since March, Naira forwards hit record high as it crashes to N420/dollar in the parallel market, Naira hits N500 to $1 at the forward market, Naira hits N509 to the dollar at forwards market, demand for the U.S dollar climbs up, Naira hits $387.35 to $1 at currency spot market , Naira sells at N456, Nigeria’s Foreign Reserves drop by over $3 billion in Q1 2020, Investors and Exporters (I&E) window, Naira gains against the dollar, CBN close in on currency speculators

The Nigerian currency (the naira) gained against the dollar on Monday by selling at N441 to a dollar at the parallel market.

Note that the N441 exchange rate is stronger than N450 to a $1 that was posted on Friday May 29, 2020.

Meanwhile, this is naira’s first major gain against the dollar since late March. The development follows concerted efforts by the apex bank to disrupt the activities of currency speculators.