Naira weakens marginally to dollar

The Naira on Friday weakened marginally against the dollar at both the parallel market in Lagos and the investor’s window.

The Nigerian currency traded at N472.5 to the dollar at the parallel market, down by 0.5 points from N472 exchanged on Thursday.

The Pound Sterling and the Euro closed at N582 and N530, respectively.

The Naira closed at N389.50 to the dollar at the investor’s window, down by 1.50 points from N388 it traded on Thursday.

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Market turnover at the investor’s window stood at 12.61 million dollars.

It, however, closed at N381 to the dollar at the official Central Bank of Nigeria (CBN) window.

Already, Nigeria’s foreign trade volume fell from N10.12 trillion in the Q4 2019 to N8.30 trillion in Q1 2020, according to the latest report from the National Bureau of Statistics (NBS). With the Central Bank of Nigeria (CBN), adjusting the foreign exchange rates in a move to have a uniform rate, local manufacturers equally warned that many factories may shut down if outstanding obligations of over one year to foreign suppliers are not met.