Thursday, June 13, 2024
Business

Naira (NGN/USD) Gets No Relief as Nigerians' Stampede For Dollars Continues – Bloomberg

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Nigerians’ stampede for dollars showed no sign of abating on Friday, with the naira falling to another record low even as the central bank announced newly nominated Governor Olayemi Cardoso will take over in an acting capacity.
The currency was being quoted at 992 per dollar by street traders, according to the Forward Marketing Bureau de Change Ltd., which compiles the data. That compares with 900 naira at the start of the month, and is some 30% below its official Thursday close of 772.98 on the FMDQ trading platform. Back in June, the official and parallel-market rates had converged, galvanized by newly elected President Bola Tinubu’s reform pledges.

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