Naira falls against US dollar despite CBN intervention

Naira rises by 60 naira against dollar after Eid El Fitr holiday


After the Eid el-Fitr holiday, the naira appreciated by 60 naira against the US dollar.

Bureau De Change management company Mistila Dayyabu disclosed this to DAILY POST on Friday.

He said the naira would sell at 1,140 naira to the dollar on Friday from 1,200 naira to the dollar on Monday on the parallel foreign exchange market.

“As of Friday, before the Eid el-Fitr holiday, we sold at 1,140 naira to the dollar and bought at 1,135 naira,” he said.

This development comes just four days after the Central Bank of Nigeria revised the foreign exchange sales rate to BDCs from N1,251 to N1,101 to the dollar.

The naira has been appreciating against the dollar for over a month now following efforts by the CBN to defend the currency in the foreign exchange market.

Meanwhile, Nigerians have expressed concerns as to why the strong naira has not affected the rising cost of food and living in the country.

Source: dailypost.ng

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