By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: Naira weakens to 532/dollar despite rising forex reserves
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > News > Naira weakens to 532/dollar despite rising forex reserves
News

Naira weakens to 532/dollar despite rising forex reserves

Fesadeb
Last updated: 2021/09/07 at 6:38 AM
Fesadeb Published September 7, 2021
Share
SHARE

The Nigerian currency weakened further against the dollar at the parallel market on Monday despite the rise in the country’s foreign exchange reserves.

The forex reserves, which fell to a record low of $33.09bn on July 12, have risen to the highest level in more than three months.

The PUNCH had reported on Friday that the naira plunged to a fresh record low of 530 against the dollar on Thursday amid the lingering scarcity of forex in the country.

The value of the naira fell further to 532/$1 at the parallel market on Monday.

The local currency has lost more than five per cent of its value since August 4, when it closed at 506/$1.

The naira dipped to 723 against the British pound sterling at the parallel market from 722/£1 on Friday, while the euro rose to N625 from N622.

At the I&E window, the naira, however, gained 0.09 per cent to close at 411.13/$1 on Monday, according to FMDQ Group.

The country’s external reserves, which have been risen consistently since August 25 after wobbling for several weeks, hit $34.26bn last Friday, highest since May 26, according to the CBN.

The reserves gained $870m in the 10 days to September 3, the CBN data show.

The naira had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.”

Source: Punch NG

You Might Also Like

Senator Akintunde Advocates Full Privatisation of Power Sector, Calls for Subsidy Reintroduction

Ohanaeze Youths Hail Launch of Enugu Air, Say Mbah Unlocking Economic Opportunities

Ogun Government to Launch Environmental Watchdog to Tackle Floods, Waste, and Infrastructure Abuse

Governor Lawal Distributes 59,205 Bags of Fertiliser to Boost Agriculture in Zamfara

How NASS, FRC Collaboration Boosted GOEs’ Surplus from N200bn to Over N2trn

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

Fesadeb September 7, 2021 September 7, 2021
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?