The Nigerian Naira remains battered by US Dollar, Euro, Sterling

The Central Bank of Nigeria exchanges N379 to one US dollar, sustaining a wide gulf between its rate and the rate at Bureau de Change(BDCs).

Up till Wednesday, the Naira exchange rate remained static at N463 to a dollar, a difference of N84.

The buying rate was N458.

The Naira also continues to be battered by both the Euro and Sterling.

While one Euro exchanges for N542, one British pound fetches N596.

As observed, the Naira has only enjoyed a little respite since the beginning of the month, falling from N465 to N463.

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“Initial US Dollar rate was noted as ₦463 at the beginning of this week on Monday, October 26, 2020. This equals to no movement for US Dollar to Naira exchange rate for this week so far.

“When we look at the whole month, we see that Dollar to Naira exchange rate was ₦465 on Thursday, October 01, 2020 at the beginning of October.

“With USD being traded at ₦463 now, we see a 0.43% decrease for USD to Naira exchange rates for this October”.

In September, the Naira had appreciated at a stage to N440 against the dollar.

But the gain soon evaporated, as the rate depreciated to N465.