Exchange Rate: Naira Falls Further To 320 Per Dollar

The Naira on Tuesday exchanged at N320 to a Dollar,it traded against the Pound Sterling and the Euro at N450 and N358 respectively at the parallel market.

Today’s exchange rate stipulates a decline by 1 naira to dollar,the Nigerian currency traded at 319 per dollar on Monday after experiencing massive fluctuation through out last week.

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Meanwhile, the Nigerian currency maintained N199 to the greenback at the official Central Bank of Nigeria (CBN) rate.

Photo credit: Guardian Nigeria
Photo credit: Guardian Nigeria

Traders at the market remained resolute that the Naira would soon firm up against other currencies as China and Nigeria strengthened trade relations.

The CBN had expressed optimism that the currency swap deal between Nigeria and China would strengthen the Naira and reduce high demand for the greenback in the country.

The Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest lender, had signed a deal with the CBN on Yuan transactions during President Muhammadu Buhari’s visit to Beijing.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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