Sun. Jun 23rd, 2024

Naira Heading Above N600/ $1 In P2P Market , As Dollar Appreciates In Global Forex Market

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Nigeria local currency Naira opened at N600.00 per $1 at the parallel market otherwise known as the black market, today, 4th May 2022, in Lagos Nigeria, after it closed at N591.00 per $1 on Tuesday, 3 May 2022 as the long holiday ends.

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The dollar rose towards a 20-year high on Monday as the euro struggled around the $1.05 mark. At the time of writing, the dollar index was trading a $103 up 10% within the last 6 months.

Due to the  US dollar integration into the global economy, its gains are putting more pressure on businesses and governments as they prepare for rising interest rates on their dollar debt, particularly in nations like Nigeria that rely heavily on imports.

Foreign exchange turnover dipped slightly by 2.90 per cent with $151.07 million recorded as forex turnover at the close of business on Wednesday against $155.44 million posted on Tuesday.

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