According to the exchange rate today April 25, the Naira suffered a slight setback against greenback at the parallel market. Today’s exchange rate reveals that Naira trade at the rate of 319 per dollar, 358 per Euro and 448 to a pound.
Today’s exchange rate stipulates a decline by 1 naira to dollar, the Nigerian currency settled for 318 per dollar at the end of Friday after experiencing massive fluctuation through out last week.
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Reports claim the fluctuating rate of naira can be attributed to the scarcity of dollar to buyers.
Recall dollar scarcity was the reason behind the recent fuel crises which lingers in some states.
The $6 billion deal President Muhammadu Buhari signed with China should bring a reduction to the demand of dollar as the Chinese government intend to make Nigeria its business hub in Africa.