Naira Depreciates to N1,563/$1 at NAFEX Despite CBN FX Intervention
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#f4e83713 ver:2.1

The Nigerian naira has depreciated to N1,563/$1 in the NAFEX despite CBN intervention. The naira has also depreciated in the parallel market, trading at N1,570/$1. The increase in external reserves and supply has contributed to the naira's appreciation in the official market. However, importers' pressure on the dollar has led to the naira's crash. The CBN assures that the naira is safe and recent foreign exchange management initiatives have restored confidence. The pound sterling is approaching N2,000/£1 on the black market. Despite the naira's devaluation, Nigeria's foreign reserves hit a record high of $35.05 billion....

#newstr #Naira #ForeignExchange #Cryptocurrency #Cbn 

 https://here.news/story/f4e83713?ver=2.1