The Naira skilled a pointy drop from N1600 to N1,780 per greenback on Wednesday which reversed its current good points within the black market.
“We’re shopping for at N1720 and promoting at N1780 per greenback,” a BDC operator informed BusinessDay.
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On Wednesday, the native forex depreciated for the second straight time for the reason that launch of EFEMS to N1,665 per greenback, shedding N85 from N1,580 quoted on Monday, within the black market.
The charges above N1,700/$1 counsel that final week’s good points had been short-term.
Some sellers quoted N1,715/$1 whereas some IMTOs quoted N1,745. Inventory buying and selling apps like Gray and Trove quoted N1,728 per greenback and N1,736 per greenback respectively.
SOURCE: BusinessDay