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BREAKING: Naira Gains After Major Fall, See New Exchange Rate

Naira Gains After Major Fall
BREAKING: Naira Gains After Major Fall, See New Exchange Rate

BREAKING: Naira Gains After Major Fall, See New Exchange Rate

 

Touchaheart Nigeria reports that Nigeria’s official currency, Naira, gained on Monday, October 18, trading at N414.46 per a dollar.

 

The massive gain is coming after Naira dropped by 2.6 percent to N422 per dollar last week Thursday, October 14, 2021, hitting an all-time low at the Nigerian autonomous foreign exchange (NAFEX) rate — the default FX reference for official and legitimate transactions.

 

Also, at the parallel market also known as black market, the Naira also gained on Monday, trading at N572 per dollar at the Lagos market on Monday morning after it traded at N575 per dollar last week.

 

Touchaheart Nigeria reports that the development is coming a week after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele to allow the naira reflect the realities of the market.

 

READ ALSO: Dollar To Naira Exchange Rate Today 18 October 2021 (Black Market Rate)

 

The Vice President had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.

 

“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,”

 

Laolu Akande, spokesperson to Vice-President had explained in a statement.

 

Dollar To Naira Exchange Rate Today

“For context, the Vice-President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.

 

“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!

 

“This is why the Vice-President advocated for measures to boost foreign exchange supply rather than simply managing demand, which creates irresistible chances for arbitrage and corruption.”

 

“It is a well-known truth that foreign investors and exporters have been complaining that they have been unable to bring foreign exchange into the country at N410 and have had to purchase foreign exchange in the parallel market at N570 to suit their varied demands due to foreign exchange shortages.”

 

 

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