Naira Gained Slightly Against US Dollar, Euro on Friday
The Naira gained N1 against the American Dollar on Friday to trade at N464 on the black market.
This was better than the N465 it exchanged on Thursday.
Nigerian Naira remained pressured amid persistent scarcity across key foreign exchange markets.
Against the Euro, the Naira gained N3 from N543 it was sold on Thursday to N540 on Friday. Largely due to the drop in demand for the European common currency during the trading hours of Friday.
This was evident in Naira to British Pound exchange rate. The exchange rate was unchanged at N596.
Low liquidity continues to dictate the Naira exchange rate against global counterparts, especially with foreign direct investment at a record low and foreign revenue generation declining with dwindling oil price and demand for the commodity.
It makes sustaining economic productivity and mitigating the negative impact of COVID-19 on the economy hard given that Nigeria is an import-dependent economy cum petrol-dollar.
This is one of the reasons President Buhari has been pushing for diversification and local production to stimulate growth from within, deepen new job creation and ease rising dollar demand that has almost crippled the entire economy and render the local currency useless.